Cost is one of the most important considerations when looking into a degree, and this is certainly true of online programs. Even though it’s definitely cheaper to get a degree online, it’s important to consider all the costs that you’ll experience so that you’re prepared.
Financial Considerations
You’ll have four main categories of expenses for an online degree: tuition, technology fees, other fees, and other expenses. Unlike a brick-and-mortar school, you shouldn’t have to worry about housing and food, as that should already be taken care of.
Tuition
This is obviously going to be your largest expense. You might want to look into different payment and tiered-tuition options. Some schools like Purdue University allow online students to make monthly payments that are interest-free, which would be like paying rent every month.
Other schools will reduce the cost per credit hour if you take a heavier load. If you’re able, this is definitely a great way to save a little extra money and graduate sooner, but you’ll need to be able to pay a little more over a shorter amount of time.
Technology Fees
You’ll likely need to pay a relatively small technology fee, which can be per-term or by credit hour. This fee tends to cover tech support, online learning systems like Moodle, and so forth. If your technology fee is per term, it might behoove you to take more credit hours per term so that you don’t have to pay as much in fees.
Other Fees
Finally, you’ll have to pay other fees, which vary by college and university. In my case, I have to pay a fee to graduate and for my residency requirement for the week before graduation. It isn’t much money, but it’s definitely an expense to consider.
Your college might charge for placement exams, labs, or a criminal background check. Make sure that you read all the fine print of what an online degree will cost beyond tuition.
Other Expenses
You’ll want to make sure that you have access to a reliable computer and WiFi, whether that is at your home or your local library. Some online degree programs even provide a laptop as part of the cost. I received a subscription to Microsoft 365, which has made it easier to communicate with my professors via Outlook.
Also, don’t forget about the cost of books! With the rise of e-books, you might be able to purchase electronic versions of your books at a substantially reduced cost, and you might even be able to find some of your books at your school’s library.
I spent about $250 on 15 books for one class even though it should have been closer to $500+ because I found some at my library, some on Thriftbooks, and some through Kindle.
Other Considerations
Beyond what your online degree costs, you’ll want to think about other considerations about using your hard-earned money to pay for a degree.
Future Pay-Off
For example, you might want to think about how much this degree will pay off in the future. If it costs you $30,000 to get a master’s degree online (even without considering funding), and you’ll make $15,000 a year more at your company once you have a master’s degree, that degree will pay itself off in just two years.
Compare Programs
You might also want to consider the cost of different online programs. There is a wide variety of what different universities charge per credit hour. Some are close to $100 per credit hour while others are closer to $1,000 per credit hour. That’s a pretty big difference in how much you’ll pay!
Since you can complete an online program anywhere, it’s definitely worthwhile to shop around and see what program is going to be the best decision for you. But don’t just go for the cheapest program because it’s the lowest cost.
Accreditation
Make sure that you look into the accreditation of the program and the graduate employment rate to ensure that you’re not getting a degree from a paper mill. Even if you save $10,000 getting an online degree through an unaccredited program, it’s not worth it if you can’t find a job or get recognition for the degree that you completed.
You’ll want to ensure that your university is reputable and that an employer will not be concerned about the quality or reputation of your online program. Selecting an online degree from a well-known public or private college can give you all the benefits of the name recognition of that institution as well as the flexibility and affordability of an online degree program.
In the end, make sure that you’ve carefully considered all the costs of an online degree and put together a budget for your schooling so that financial concerns are the least of your worries.
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