Affordable online degrees can be your opportunity to earn an education, qualify for high-demand careers, and not leave school swimming in debt. On-campus learning costs have made it impossible for many people to enroll. The application fee itself costs between $50-$100. To increase their chances of getting into college, students enroll in several colleges at once. This may end up costing them $1000-$1500.
Once you get accepted, you need to prepare yourself for education and living expenses. According to the Education Data Initiative, the average college student spends $38,270 annually. This includes books, supplies, and daily living expenses.
However, with a compound annual tuition growth rate of 4.11%, the amount you need to budget for college could increase significantly over time. While student loans can help cover costs if needed, they might reduce your overall benefit from your education. Like other types of loans, you have to pay them back with interest.
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The most practical solution? Pursue affordable online degrees, preferably in nonprofit online colleges, and earn a degree leading to high-demand careers.
Colleges with affordable online degrees prioritize accessible and cost-effective education. They make it possible for students to acquire high-quality degrees at a fraction of the cost of traditional programs.
College is often about following your dreams, but it’s also important to consider the return on investment (ROI). Nonprofit online colleges are known for their low tuition rates and competitive programs. Compared to for-profit schools, nonprofit colleges do not see students as income. They see students as investments for the future.
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What Are Nonprofit Online Colleges?
Nonprofit online colleges usually have much lower tuition fees than for-profit schools. However, not all are affordable. Examples of expensive nonprofit colleges include the Ivy Leagues and institutions of similar range like Stanford, MIT, and Duke.
Nevertheless, expensive nonprofit schools can still be cost-effective. This is especially true for very talented applicants. The most prestigious nonprofit colleges are known to provide various financial assistance. These include
- Scholarships
- Grants
- Work-study programs
- Income-based tuition model
- Sliding-scale tuition model
In addition to affordable tuition fees and vast financial aid opportunities, nonprofit colleges also offer a supportive learning environment. They tend to offer robust student support services like academic, counseling, and technical assistance. These support services are essential for online students who might otherwise miss out on the traditional campus experience.
Nonprofit colleges are also reputable. 65% of employers acknowledge online graduates. However, this doesn’t mean that all online schools are viewed equally. The reputation and accreditation of the institution play a crucial role in how potential employers perceive degrees.
Why Choose Affordable Online Degrees?
Earning marketable degrees has several advantages. For one, a college degree is important to a business environment. However, because education can be very expensive, sometimes getting a degree might not be worth it. Consider the following:
- The average cost of education is $38,270 per year.
- The compound annual growth of tuition is over 4%.
- The average federal student loan debt of undergraduate students is $37,850.
- The average starting salary of undergraduates is $77,636.
The effects of higher education extend beyond the years immediately following graduation, as school expenses are higher than ever. Debt from student loans can have serious, debilitating effects on a person’s ability to prepare for their future finances. With tuition and fees increasing quickly, exploring cost-effective education alternatives becomes more crucial.
It’s easy to be impressed by a school’s name or reputation, but just because a school is well-known doesn’t mean it’s the best choice for you. Prestigious schools are very expensive, costing an average of $300,000 for an undergraduate degree. While they can offer competitive financial aid packages, you may still need more student loans.
Affordable online degree programs can be practical solutions to this dilemma.
Choosing affordable online degree programs not only saves you money but also empowers you with more financial freedom today and in the future.
Choosing an inexpensive institution will reduce your chances of having a large debt load. If you take out less debt now, you’ll have more money later on for other goals you may have, such as buying a house, taking that dream vacation, or starting a family. Additionally, it frees up cash so you may manage your finances wisely and prepare for retirement or create an emergency fund.
Affordable online degrees allow you to help your parents even before you start earning money from your degree. Your parents won’t have to tap into their savings, mortgage, or retirement funds, and they won’t have to take out high-interest loans like federal PLUS loans.
More importantly, affordable online college programs will give you a better return on your investment. It helps you earn enough after graduating. Affordable colleges plus career-focused degrees is a recipe for a high ROI.
To determine the best schools for success, use the US Department of Education’s College Scorecard and the Department of Labor’s Occupational Outlook Handbook. You should also research potential careers and salaries on websites like PayScale, Salary.com, and Glassdoor.
To make your learning even more manageable, you should compare financial aid opportunities. Some institutions offer substantial scholarships, grants, or work-study programs that could significantly reduce tuition costs. Who knows, you may end up paying zero dollars in tuition. It’s also best to read as many tuition-paying tips as possible to maximize your financial aid and minimize out-of-pocket expenses.
Online learning benefits your future greatly. It allows you to concentrate on your studies without worrying about finances. This focus helps you achieve better academic results and develop important skills more effectively.
Top 5 Nonprofit Colleges for Affordable Online Degrees
Southern New Hampshire University
SNHU is one of the largest accredited online colleges, enrolling over 135,000 students online. SNHU provides exceptional assistance to students through over 200 career-focused online degree programs. SNHU’s current rates are:
- $330/credit for undergraduate degrees
- $637/credit for graduate degrees
Plus, SNHU Online does not charge application fees. You get to save more!
Some of the most popular degree programs at SNHU include bachelor’s degrees in psychology, business, and computer science.
Western Governors University
Ranked as the top online school for working adults, WGU is also among the most affordable. It’s among the biggest teacher preparation schools, receiving $10M from the US Department of Education for a Teachers College. In addition to affordable online degrees, WGU also has the best mentors, licensed modules, and webcam proctoring.
WGU is known for the following online degree programs:
- Bachelor of Arts in Education
- Bachelor of Science in Information Technology
- Bachelor of Science in Business Administration
University of Florida
UF is an extensive research university with a large online presence. As one of the oldest schools in the US, UF has topped several rankings for affordability, prestige, and flexibility. Students can choose from various online degrees, from bachelor’s to doctorate, across various disciplines.
The Bachelor’s Degree in Online Business Administration is among the most sought-after degree programs at UF Online. In-state students pay $129.18 per credit hour, while non-residents pay $212.71.
Liberty University
If you’re looking for a Christian school, you can consider Liberty University. It has 17 colleges and schools, including a medical school, a law school, and a school of divinity. More than half of Liberty’s 100,000 online students are working adults seeking flexible and affordable degrees.
According to the university, its most marketable degrees are Nursing, Computer Science, Engineering, Economics, and Education. In addition to low tuition fees, students can transfer up to 75% to their bachelor’s degree, allowing them to save more time and money.
Fort Hays State University
As the third-largest public school in the state, FHSU’s online presence is among the strongest. It offers rigorous academics paired with affordable tuition rates and is a leading global provider of over 50 online adult education degrees.
Its most popular schools are the WR and Yvonne Robbins College of Business and Entrepreneurship and Peter Werth College of Science, Technology & Mathematics.
High-Demand Fields and Marketable Degrees
A degree is not always the key to success, especially in today’s competitive job market. According to Statista, approximately 4.8% of 2022-2023 graduates were unemployed.
If you want to decrease your chances of being among the unemployed, the best you can do is earn a degree in high-demand fields. These industries are expanding and provide rewarding career options as well as being profitable.
Here are degree programs with high ROI:
Nursing
Nursing has always experienced a shortage despite being a stable and rewarding career. Several factors, like an aging population, medical advancements, and the pandemic, which caused many nurses to leave the profession, have kept the demand for nurses high.
Engineering
Engineers are very important. They constantly adapt to new societal trends as they tackle complex projects, solve major problems, and develop new technologies. Their work makes our lives safer, easier, and more efficient, and without them, our world wouldn’t be as advanced as it is today.
Computer Science
This is one of the most lucrative fields. Though the computing world always changes, fundamental knowledge and abilities usually hold as technology advances. The upsurge of big data, machine learning, and AI has increased the demand for computer engineers.
Education
Despite its low starting salaries, education careers will never become obsolete. Teachers and educational professionals play a critical role in shaping future generations, making this field both meaningful and enduring.
Finance
Finance is another high-demand field with substantial earning potential. Financial experts help individuals and businesses manage their money, plan investments, and navigate economic challenges. Degrees in Finance or related fields can lead to careers in banking, investment, and financial planning, where strong analytical skills and a deep understanding of economic principles are highly valued.
Tuition Paying Tips for Online Students
You might be among the luckiest students, as today’s online students have more options than ever. Money need not stand in the way of reaching your objectives and earning your degree. Here are a few of the best ways to pay for your online education:
- Apply early for the FAFSA and apply for as many external scholarship opportunities as possible.
- Ask about tuition benefits based on your place of employment.
- Prioritize online colleges that recognize transfer credits.
- Ask about tuition payment plans. If you’re from a low-income family, seek online colleges with sliding-scale tuition.
- Budget wisely. Avoid unnecessary expenses and focus on prioritizing your educational costs. Look for ways to save money, such as buying used textbooks or using free online resources.
Conclusion
The name of the college isn’t everything. What matters is the degree you earn, not just the prestige of the school.
You don’t need to attend an expensive university to be successful. The key is to pursue affordable online degrees in in-demand fields at affordable universities. This strategy will help you lower the student loan debt you will pay in the future.