The Cost of Your Online Degree
Here's How:
Welcome to the world of higher education economics. Realize right now that an inherent part of the going-to-school-planning process is severe sticker shock. "I can't afford it," is the number one reason given for not returning to school. We'll discuss later why this doesn't have to be true. For now, keep two things in mind:
- Hefty sticker prices aren't etched in stone. Schools routinely charge less than they advertise or they offer financial aid.
- Most students misjudge how much they're going to owe.
Remember that your future operational as well as your academic success, is totally dependent on how studious you are right now in establishing a firm long term financial foundation.
Here are some of the questions you might ask:
Will my degree be cheaper if I go online?
Probably not. Distance education degrees or certificate programs often cost the same as on-campus programs. Because online courses are more labor intensive for professors and require daily Web site updates, many schools charge up to twice as much than they do for traditional courses. The advantage of going online is not tuition cost savings, but convenience, better management of your time, and the often shorter timeline needed to graduate.
The biggest budget hit will be tuition. Right?
Right. It won't be cheap, especially if you need a degree from a top echelon institution. For undergraduates, tuition generally ranges from $200 to $350 per unit. For graduate and doctoral courses, tuition will range from $300 to $600, or much more at elite schools or for specialized graduate degrees such as an MBA. For instance, the cost of Duke University's "global" MBA program costs about $62,500. Tuition at the University of Michigan is $48,000 and $23,000 at the University of Phoenix. Online tuition costs are much less at public and/or less known universities. An online MBA from the University of Colorado, Denver costs $7,500, and $7,770 from the University of Texas at Dallas.
According to CollegeisPossible.com, academic year, average tuition charges in the 2002-2003 academic year for full-time undergraduates was:
- $1,735 in two-year, public community colleges
- $4,081 in four-year, public universities
- $18,273 in four-year, private colleges or universities
Always ask about fees charged in addition to tuition. These charges can be considerable in this era of state budget cuts and competitive academic pressures.
What does it cost overall to go to school?
In 1999-2000, the average annual student budgets for full-time students, before aid was deducted were:
- $9,109 in two-year, public community colleges
- $12,624 in four-year, pubic universities
- $23,700 in four-year, private colleges or universities
Tuition charges for out-of-state residences typically were higher. Out-of-state students may also pay an additional $250 to $600 non-residency fee, every term.
What other costs should I budget for?
You should include these line items in your budget:
- Tuition per course
- Application fee
- Student fees
- Textbooks
- Lab materials
- Lab fees
- Long-distance phone calls
- Shipping
- Computer equipment & Software
- Internet
- Trips to school and residency costs
