Is Online Education a Better Value?

Online education is becoming more and more common. Hundreds of industries are now populated with employees and managers with degrees earned online. And the hundreds of thousands of employees earned their degrees from the many hundreds of universities, colleges, and trade schools online - and from traditional universities offering coursework online. Never has there been more choice for furthering your education.

But it begs the question: Is online education a wise investment?

Lower Cost, Equal Quality

The greatest difference between online learning and that of traditional education isn't the quality, but rather the cost! It isn't universally true, thanks to some online universities with world-class reputations charging the same as traditional universities. But those schools actually benefit all online students by improving the perception of online education overall. But most online schools still stake a financial advantage over traditional school, some by lower tuition, but all indirectly due to the elimination of many indirect costs, like room and board, travel expenses.

The numbers below are the rounded annual costs of tuition from each type of school. They were compiled by the College Board and reflect the '08-'09 school year. These figures do not include room and board:

• $4,600 - Community College
• $17,400 - In-State University
• $35,400 - Private University

The range of costs for online education are so great that an average of them would not help you consider the benefits on the whole. As mentioned some are as expensive as any Pac 10 school! While the tuition for most online educations is much lower, the deciding factor is often the hidden costs that are missing from online schools:

1. Little or no travel costs - From the cost of gasoline to wear and tear on your car, travel costs to and fro from your home to your school, all of these can really add up. Studying from home saves hundreds, potentially thousands, each year. Other than tuition and some possible additional fees, online education usually only requires an Internet connection and a personal computer.
2. "Time off" costs - For professionals out to further their careers through education, missing work to attend classes would be a cost that can usually be avoided with an online education. And because of the flexibility of online programs, most students complete their degrees more quickly than in traditional settings, so they see their incomes increase more quickly on average.
3. Costs of books and materials - In online education, books and materials are things of the past - and so are the expenses. Sources of information will be almost exclusively electronic, and they need not be purchased - a definite savings to the student.
4. Cost of room and board - Much of the cost of a traditional higher education, sometimes more than half, is housing and food. This is actually a major source of income for many colleges and universities. Online learning doesn't necessitate additional rents, furniture, or moving costs.

But What About the Quality Differences?

Even in traditional education, not all schools are created equal. Some are better than others, to be sure, so the question becomes a matter of demonstrating the reputation of online education on the whole. It should please anyone who needs an online education to learn that it holds its own pretty well.

Online education may be relatively new but it has improved in reputation. Many online schools are considered on par with those of traditional colleges and universities.

Recent studies suggest that students taking classes online retain information just as well as traditional students. And with traditional universities offering courses online, the reputation only grows more positive. Companies have also started to take advantage of an online education offering. They can affordably enhance the capabilities of their workforce without negatively impacting productivity or the bottom line.

There are also questions you should ask about online school when making your decision. Read the questions to ask about online education we have provided to help you get started.