Pin Me

How to Save Money With an Online Elearning Degree

written by: TanyaM•edited by: Sarah Malburg•updated: 11/28/2009

If you are concerned about the cost of going back to school for your Elearning degree, you should seriously consider an online degree. Not only will you likely save money on tuition, but online degrees can also save you money on room and board, transportation, books and child care.

  • slide 1 of 5

    How You Can Save Money

    You have decided to pursue an online Elearning degree and maybe you are concerned about the expense of going back to school. Let’s face it, education is not cheap, but did you know that getting an online degree can actually save you money in more ways than one? Just one of the benefits of online education is the money it can save you on tuition, books, transportation and child care.

  • slide 2 of 5

    Tuition

    First of all, online degrees can be less expensive in terms of tuition than on-campus degrees and can be completed in a shorter amount of time. For example, a Master’s degree at a private university may cost you up to $30,000 each year, while you can participate in many online Master’s programs for $10,000 to $20,000 for the entire program. In addition, many online Master’s programs can be completed in as little as 12 to 18 months, while most traditional programs will take at least two years. If your online program is self-paced, you may be able to complete your online degree even faster.

  • slide 3 of 5

    Room, Board and Transportation

    Not only will you save on tuition with an online degree, but you will also save on room, board and transportation. Getting your degree from the comfort of your own home is not only convenient, but cost-effective as well. For example, the average graduate student at the University of Illinois at Springfield will spend $6,600 per year just on room and board expenses. Of course, you will not need to pay this expense if you pursue an online degree. In addition, you will not need to pay for gas to drive to and from school. Just cutting out gas costs alone can save you hundreds of dollars each school year.

  • slide 4 of 5

    Books

    Books and materials may also be less expensive and help you save money with online classes. Many online universities subscribe to electronic libraries that allow you to access books, journals and other materials directly on the Internet. In addition, some classes may be completely online with no books required. To give you a sense of the costs,the average graduate student at MIT spends $800 a year on books, while the average online student at American Military University spends approximately $400 a year. While you should be prepared to pay some money on books, it may be significantly less than you would at a traditional university.

  • slide 5 of 5

    Child Care

    If you have a family, online degrees can also save you money on child care costs. Many student parents must pay for a babysitter or other child care facility while they are in class. By pursuing a Master’s degree online, you can study and attend class at home while you keep an eye on your children. These savings, in addition to those discussed above, can save you significant amounts of money.