Of all factors that aspiring college students consider when choosing between online education and traditional education, the cost factor is the most considered, undoubtedly because it determines the type and quality of education they would be getting. So, let’s get to comparing the costs of online education vs. traditional education.
Comparing the Costs of Online Education vs. Traditional Education
Due to the increasing cost of college fees and tuition over the last two decades, it is only natural for aspiring students to want the best deals when enrolling in colleges. Today, colleges offer the options of online learning or traditional campus-based learning.
Although each college makes use of different pricing schemes, online education is generally more affordable for students than traditional education. Let’s carry out a quick comparison between the costs of online education and traditional education.
The Costs of Online Education
As stated earlier, online education is typically the more affordable option for students to consider when enrolling in college. As a result of the low costs of running these online programs, college students can pay cheaper fees and tuition to acquire the same quality of education.
Asides from more affordable college tuition and fees, especially in cheap online colleges, online education eliminates several additional costs. According to the Education Data Initiative, the cost of online education when compared to that of traditional education in public colleges is $36,595 less over 4 years, and $69,207 less for private colleges.
However, it is important to note that even with the reduced costs of online education, the average tuition and fees are significantly high. You may enroll in an affordable institution and still have to depend on financial aid or student loans to pay for online education.
The Cost of Traditional Education
From the amenities and support that are made available to guide students in all aspects to the experiences, traditional campus-based education provides it all. As these features come at costs that are evident in tuition and fees, they contribute to what makes traditional learning more expensive than online learning.
Although there is a wide range of options:
Private colleges
State colleges
Community colleges- with different pricing schemes, one thing that remains constant is the additional costs students incur when enrolling in these kinds of programs.
These additional costs include the following:
Residential and Feeding Expenses
When enrolled for traditional education, students will most times need to stay in college hostels or apartments and purchase campus meals with few exceptions to those who live around or with relatives. This necessity can cost students to spend up to $15,000 in residential expenses and $563 in campus meals than homemade ones.
Transportation Expenses
Transportation expenses are inevitable for students who are enrolled in traditional education, as they may need to pay bus fees, purchase gas and maintain their vehicles. A study by the Education Data Initiative reveals that college students who are enrolled in in-person classes spend up to $1,360 per year on transportation costs.
Guardian and Security Expenses
It is not uncommon for parents to be concerned about the safety and well-being of their children, especially when these children require special needs and attention. Because of this, most colleges allow parents to pay for the provision of extra care for their students.
Factors to Consider when Comparing the Cost of Online Education vs. Traditional Education
Just as it is important to know which of these methods of education cost more when enrolling for college, It is equally important to know what factors to consider when comparing the cost of these methods. By doing this, you will be able to discover several options within your budget that meet your educational needs.
Below are the factors to consider when comparing the cost of online education vs. traditional education:
The Institution, Course, and Degree of Choice
The fact that all higher institutions, courses of study, and degrees are not equal in cost should be considered when comparing the cost of online education and traditional education. Various colleges provide their students with different standards of amenities and support, some more advanced and expensive than others.
Factors such as:
Tutoring methods and requirements
Courses of study
The degree of choice affects the pricing of both online and traditional education in different higher institutions.
Therefore, aspiring students should conduct a comparative analysis of the overall cost for the institutions they are considering, based on their degree and program of choice. Also, they should try to discover if there are any additional charges associated with either online or traditional education in their schools of choice.
Available Funding Source
When comparing the cost of online education and traditional education, It is important to consider what funding sources are available to you. This is to be aware of what aspects of your college education these aids will cover, to what extent they will cover, and how much they would owe per semester.
Although there is quite a good number of funding sources available to aspiring college students, these financial aids are determined by what your financial needs or merit are. Financial aid can be received from several sources, and, they are divided into two:
Gift aid: This aid is money received by students that they are not required to repay or earn through work such as scholarships, grants, tuition waivers, and education tax benefits.
Self-Help aid: This aid is money received by students that they have to pay back or earn through employment such as student loans, employer-paid tuition assistance, military student aid, loan forgiveness, and college savings plans.
Conclusion
Every aspiring college student is required to decide whether to enroll in online education vs. traditional education. Although the cost of both online education and traditional education may seem overwhelming, carrying out a comparison between them to discover cheaper options can help you save thousands of dollars on college costs.
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