Online Education and DebtNo matter how you look at it, getting your college or post-graduate degree can be very expensive. In fact, according to the Wall Street Journal, the average college graduate in 2014 will leave school with over $30,000 in student debt. However, there are ways you can ensure that going to school to get your degree doesn’t leave you with mountains of debt that you’ll be paying back for decades.

One of the top things you can do to decrease your student debt is to attend school online. Here are four reasons why getting your degree online can help you decrease your student loans.

Classes Are Less Expensive

Going to school online tends to cost less than attending classes in a traditional college or university setting. In fact, it is possible to save thousands of dollars, or even tens of thousands of dollars, over the course of your education. This is money that you might have otherwise had to take out on a loan.

Attending a less expensive program can ensure that you graduate from your college or university with as little student loan debt as possible. The lack of a physical classroom helps online programs charge less than their traditional counterparts, and they pass the savings onto you.

No Room and Board

While not all online degree programs will save you money over traditional schools, there are other areas where you are guaranteed to save money. One of these is room and board. At many traditional colleges and universities, the cost of food and lodging can be even more expensive than the cost of classes. However, if you already have a place to live, saving money on room and board can keep your student loans to a bare minimum.

Keep Your Day Job

If you are going back to school, especially for a post-graduate degree, going to school online can allow you the flexibility you need to keep your day job. Not only will this give you the ability to continue gaining work experience while you go to school, but it will also allow you to manage your time more effectively without having to worry about missing a class.

The most popular degrees to get online include the MSW degree, MBA, and Masters of Teaching. Increasingly, it is also becoming more and more common to get your bachelor’s degree online as well.

Inexpensive Materials

Students attending a traditional college or university often have to buy expensive books and pay for things such as school supplies and printing assignments. However, if you are attending classes online, many of these expenses are non-existent or significantly less. In fact, many online courses rely more heavily on printable lessons than books, reducing a significant cost that traditional students must face.

While an online education might not be for everyone, it can be a great way for students to save money while getting their college or university degree. After all, no one wants to be saddled with huge student loans debts before they even graduate.

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7 Comments

  1. I just enrolled in a Udemy course on eBook publishing, my first experience with online learning. I’m about 10% of the way through, and so far it seems quite good. And I’m thrilled that I got the $200 course for a $10 Black Friday price! 🙂

  2. Not all online classes are created equal. My husband is in the military and I was granted a $4000 MyCAA scholarship to complete a web design certificate program. Everything was out of the book and the “instructors” were more like lax moderators and couldn’t really answer my questions pertaining to the subject matter. Other students plagiarized like crazy, copying and pasting directly from sites when answering forum questions. It was a sad use of $4000 worth of taxpayer money.

  3. One of the classes I took online instead of paying for a million dollar textbook we had the option of downloading a E-textbook for a lot cheaper which was awesome on the pockets. I also love the flexibility you get online. I can live my life and schedule around school without feeling any time constraint.

  4. Online education has caught my attention really. It seems fun and very conducive to learning especially for those busy professionals like me. One of the top choice if I want to further educational attainment easier and with less hassle. I am just thinking which school is good and has a rigorous curriculum.

  5. When I was getting my masters, I took a few courses online. They were great in the sense that I saved a ton of time. When I would have to go to class, I would have to cut out of work early and drive about an hour to get to class. Then drive about 30 minutes back home. I ended up saving gas and had more free time since I didn’t have to commute. I also had less stressful days at work because I wasn’t in a rush to get my work done so I could leave early.