How Much Does Online College Cost?
The cost of online colleges varies by institution. Is the college private or public? Are you an in-state or out-of-state student?
These two factors sometimes determine how much is payable by a student as tuition. Some colleges charge per credit while some colleges charge tuition by semester or program.
Also, some courses are more expensive than others because of extra materials and required fees.
As earlier mentioned, the cost of online college varies by institution. However, the average cost per credit for online colleges is between $200 – $ 1500. Private universities tend to cost more.
Aside from the cost of tuition, students are also required to pay for course materials, technology, textbooks, and other fees. Several factors determine the cost of online colleges, some of these factors have been explained below:-
Factors That Determine the Cost of Tuition
1. In-state and Out-of-state Tuition
Public colleges are funded with tax dollars, so out-of-state students are charged a higher tuition fee than in-state. The average tuition for in-state and out-of-state students is capped at $38,496 and $54,183 respectively.
Some colleges charge in-state and out-of-state students the same tuition and most fully online colleges charge all students the same tuition regardless of location.
2. Public and Private Universities
Public universities are typically less expensive than privately owned universities; this is because public universities are funded by the state so they can afford to offer cheaper tuition rates.
Private universities on the other hand do not receive funding thus, their tuition is typically higher than public university tuition.
How to Save Money on Online Programs
There are several methods you can employ to cut the cost of an online program. We will discuss five of the most effective ways to save money on tuition; see details below.
1. Transfer Credits from Community College
A lot of colleges allow students to transfer credits from other institutions, this reduces their overall cost and the time required to earn a degree significantly.
Community cost less than four-year colleges, and they maintain affiliations with public colleges and universities in their state.
This affiliation allows students to easily transfer their credits if they maintain a certain GPA and meet other requirements.
If you want to pursue an online bachelor’s degree, you may want to consider opting for a community college.
2. Apply for Work, Volunteer, or Military Experience
Some institutions allow students to transfer credit for prior work, volunteer service, or military experience.
Students who are interested in receiving this credit must submit a demonstration of their experience, such as a military service record, a sample portfolio of work, or along with their college application materials.
Some colleges may require students to take an exam assessing specific skills and knowledge instead of transferring credits from prior work.
3. Applying for Financial Aid
Applying for financial aid for online students will significantly cut costs. Students can start by applying for the Free Application for Federal Student Aid (FAFSA).
The FAFSA determines the student’s eligibility for federal grants, work-study opportunities, and low-interest student loans.
The information students provide on the FAFSA can be used by states to award their need-based grants and scholarships.
4. Free or Low-Cost Books and Course Materials
Study materials and books can be very expensive, you can often find free or low-cost alternatives.
You can also check the college and public libraries, these libraries might carry some of your course materials.
Another option is buying used copies of the books you need or E-textbooks.
5. Public College or University
Public institutions are typically less expensive than private universities considerably less than private schools, even for online learners.
We recommend that you opt for a public online institution if you want to save money on the cost of tuition.
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