Many people assume that online degree programs are more expensive than those offered at traditional schools. Performing a strict comparison on the cost per credit hour for each program can be a good basis for financial evaluation, but this should not be the only comparison made. In many cases, you might actually find that these costs are comparable with local campuses. I compared credit hour costs among eight different schools and the online campus that I had selected, and found that the costs were relatively similar.

Yet, there are additional costs that should be factored into the equation before making a final decision. Many traditional schools add additional fees for parking, medical services, and library and computing resources. Often, these fees are not necessary for online degree programs. Additionally, such “soft costs” such as gas and wasted travel time should be considered.

You should also consider books and course materials. Traditional schools typically have bookstores on campus to provide the required course materials. Sometimes, used books may be available, thereby reducing the overall expense, but in many cases, new books will be required, particularly for upper-level course work. Some campuses have begun offering downloadable electronic books (E-books) that can provide some cost savings. Online campuses will occasionally have book stores for specific course materials, requiring the student to order the required materials far enough ahead of time to enable the student to meet course deadlines. Many more online campuses have begun offering materials strictly via online delivery, often at a flat-fee per course (somewhere between $70-100 per course, depending on the course level and school). Naturally, such materials cannot be resold as hard-copy books can.

Financial aid resources can help many students meet these financial obligations once a program has been selected. Schools that offer federal financial resources are typically reputable; be wary of those schools that simply offer private financing options, as these schools may not be accredited. Many online campuses will also have a list of grant and scholarship opportunities available. Finally, if you have served in the military, a reputable school will allow you to use your veterans’ benefits; be warned, certain benefits do have an expiration date. Ask the school for a breakdown of costs over the course of your program if you have questions so that you can determine how much financial aid will cover and you can plan accordingly. In some cases, undergraduate studies may not be fully funded by these financial resources, though graduate programs may be fully (or over) funded.

Types of Financial Assistance for Educational Expenses

Scholarships. You will find that scholarships come in many different shapes and sizes and have all kinds of strange requirements in order to qualify to receive them. Some are based on need while others are based on merit. You will also find that there are many community and faith based organizations that offer scholarships in addition to certain corporations that offer scholarships in a gesture of good will to employees and the children of their employees. These are an excellent source of educational funding, as they do not need to be repaid.

Federal Pell Grants. This is another financial aid source that doesn’t require repayment. However, you must qualify based on need in order to receive this particular type of college assistance. You can only obtain a Pell grant if you are an undergraduate college student who has not yet earned a college degree. There is a formula that is used to determine the amount of award for which you are eligible. This depends greatly on your means as a family and how much you can realistically expect to contribute towards the cost of your education.

Loans. This should be used as a last resort when it comes to paying your college expenses, as this is money that must be repaid with interest. There are several types of loans that are available and you should consider carefully and weigh your options before taking out a loan. However, if this is the only method you have for covering the cost of your tuition it will be money well spent once you’ve managed to repay the debt.
1) Student loans. There are three different types of student loans: subsidized, unsubsidized, and Perkins loans.  You must qualify in order to receive an unsubsidized loan, which will put off your interest accumulation until after graduation or you cease to be enrolled the minimum number of hours. You do not however, need to qualify in order to receive an unsubsidized student loan, which will begin accruing interest immediately. If you happen to be in exceptional financial need you can apply through your university for a Perkins loans. These are low interest loans that must be repaid to the university.
2) Parent Loans. These are commonly referred to as PLUS loans (parent loan for undergraduate students). These loans allow parents to borrow the money required to cover the costs of education that are not covered by other means of financial assistance. Repayment on these loans begins 60 days after the funds are transferred and can take up to 10 years.
3) Private loans. These loans are not guaranteed and are solely credit-based loans. They do not however, have the same limited scope that government loans have and in many cases can help bridge the gaps in actual educational expenses and the amount of money that you are allowed to borrow through traditional financial aid opportunities.

Before signing up for any particular sort of financial aid it is a good idea to see a financial aid counselor at the university you are planning to attend. They will have the best information about what steps you need to take in order to apply for financial aid at that specific universities and unique scholarship or grant opportunities that might be available to you through your state or the college. Higher education is a dream that is definitely worth having. Do not allow financial limitations to keep you from your goal if possible but enter into all financial arrangements with great caution and thought.

Distance learning programs allow you to attend classes online at your convenience for a fraction of the cost of a regular school environment. Currently almost every university and college allow their programs of bachelor’s, master’s and Ph.D.’s via distance learning at a very reasonable fee and financial aid is available.

When researching a distance learning college or university, it is important to be sure that the degree program you select is properly accredited. Accreditation means that the institution offering your degree meets academic and professional standards for the degree programs it offers.

Students or professionals pursuing this style of education may use former commuting time for active learning. Many accredited distance learning colleges understand that nontraditional students, especially adult students, have different learning styles and varying levels of technology experience from traditional college-aged students. These differences contribute to their learning choices and ability to complete distance learning programs.

Some online degree programs make it possible to earn your degree in as little as 12-18 months. Gone are the days where you physically have to go to school to get your degree.

Distance learning programs are designed to help adult learners with multiple responsibilities earn their degrees without being tied down to class times and without having to go to a campus center. Online degrees allow people to better balance the responsibilities in their life with their education. No teacher is going to look over your shoulder telling you to go to class or turn in an assignment. So you are going to have to seriously motivate and discipline yourself.