Examine the Costs of Online Degrees
Higher education is a costly investment — even if a student pursues a degree online. Between technology fees and, in some cases, travel, it’s important to accurately determine the true cost before enrolling, experts say.
Here are 10 financial factors for prospective students to consider before applying to online degree programs.
1. Tuition
Many online programs, experts say, charge by credit hour or course rather than by term. Prospective students should determine how many credits they plan to transfer over and ask an adviser to map out their degree track to determine total costs.
Some online programs offer tiered tuition, where students pay less per credit if they take more classes at once. Similar to traditional students, it’s important for online students to note differences in in-state and out-of-state tuition, experts say.
2. Fees
Most online programs have some sort of technology fee, though amounts vary widely. At Pennsylvania State University–World Campus, the information technology fee for undergrads who take five to fewer than nine credits is $189 per term. At Oregon State University‘s Ecampus, the school’s online arm, there’s a distance education fee of $80 per credit.
Prospective students should also look out for other payments, including assessment and graduation fees. For instance, UF Online at the University of Florida also charges financial aid and capital improvement fees.
3. Employer Reimbursement
It’s pretty common for companies to help pay for employees’ online degrees, though some might take more convincing than others. Experts say prospective online students should see whether their employer has a tuition reimbursement policy, such as the one Chipotle implemented in 2015.
But an employer might finance an online degree only after they see a student’s grades, one expert says, so prospective students should check into flexible payment options.
4. Required Travel
Some online programs, especially at the graduate level, have a residency or other in-person requirement. For example, students in Indiana University’s Kelley School of Business online MBA program must come to Bloomington twice and also can work with businesses in other countries.
In many cases, it’s up to the student to pay travel expenses, so applicants should check whether there are any on-site components beforehand.
5. Transfer Credits
Credit transfer isn’t always a simple process, but it’s doable in many online programs and can help students save time and money completing their education.
“Some universities have more liberal policies than others,” Susan Aldridge, president of Drexel University Online, told U.S. News. “It’s important for students to compare one institution versus another to determine the number of credits that will be transferred and the cost of education.”
6. The FAFSA
In general, the process of applying for financial aid is generally the same for online and on-campus students, so long as the program is accredited by the Department of Education to ensure that students are eligible for federal funds, one expert recently told U.S. News.
Both, for instance, involve completing the Free Application for Federal Student Aid, or FAFSA, which many schools use to determine awards.
7. Scholarship Opportunities
Few schools have scholarships specifically for online students, says Aldridge from Drexel — though, she says, schools might not restrict other scholarships only to on-ground students, so applicants should check the requirements beforehand.
While prospective students can find options through scholarship search engines, one expert told U.S. News some scholarship providers are still hesitant about online education.
8. Loans and Grants
Online learners with financial need and pursuing a bachelor’s might be eligible for federal aid such as the Pell Grant, which provides low-income students a maximum of $5,815 a year for the 2016-2017 school year.
Similar to traditional students, online students have borrowing options, such as through Stafford loans.
9. Additional Technology Expenses
An online student might face some additional unexpected technology charges. One who travels often for work, for example, might need to pay for Wi-Fi on the road.
Some online programs also require high-speed internet to access video lectures. That means students may have to pay more for their service at home.
10. Program Amenities
More online students than in the past prefer a program with access to a campus close to home, according to a July report by Aslanian Market Research and the Learning House. That desire might affect where to enroll and, therefore, how much they pay.
At many schools, for instance, online students can meet with financial aid counselors and career advisers in person if they wish, experts say.
More on Paying for Online Degrees
Find more tips on our Paying for Online Education center, and access our complete rankings of the Best Online Programs.
For additional advice and information on how to navigate online program admissions, connect with U.S. News Education on Twitter and Facebook.
More from U.S. News
5 Things to Know About Financial Aid in Online Degree Programs
5 Financial Questions to Ask Before Getting an Online Degree
Avoid Falling for These 10 Online Education Myths
10 Things to Consider Before Paying for an Online Degree originally appeared on usnews.com
