Is attending online college cheaper than attending a campus-based institution?
Updated on May 29, 2020
The novel coronavirus has forced learning institutions to close down and resort to online classes. With this, you’ve probably thought whether you should stick to online college once the pandemic ends. Additionally, many students that were supposed to join college this year are thinking of applying to online learning institutions instead.
Unfortunately, rising tuition fees have forced a number of students to look for more affordable options to attend college. Although federal student loans reduce your overall expenses, they can leave you in debt for years after graduation.
Therefore, is attending online college cheaper than traditional school?
Yes, generally, attending an online school is cheaper than a campus-based institution. However, the cost of online college depends on several factors, such as your classes and the learning institution.
Why is online college cheaper?
Attending an online school is affordable because of the many expenses you avoid, such as transportation and course material costs. Additionally, you don’t have to pay any boarding or housing fees, especially if you’re still living with your parents or guardian.
Food costs are also cheaper for online college because you can save money by cooking cheaper meals and eating at home. Furthermore, the flexibility of attending online classes allows you to have a part-time job. This way, you can earn money to pay for any online college expenses you have, such as technology fees.
Tuition fees for online college are also cheaper because of the low overhead costs needed to operate the programs. Hence, the only way your tuition fees can be pricy is when you register for several classes in a semester.
But, you may still need to rely on a federal student loan to pay for your online degree as online tuition fees aren’t inexpensive.
Which is better?
The best choice for you depends on your financial status and your learning needs. Both online and traditional schools have pros and cons, and you’ll need to assess them to find the right fit. During this pandemic, it may be wise to enroll in an online learning program as you wait for schools to re-open.
Contact StudentLoanify today for more information about student loan options for your online or traditional college.