Updated: Jun 24, 2022
Making the decision to enroll at a university can be a daunting task because of the financial burden that higher education places on its students. Students are expected to take out large loans to finance their education right out of high school because a traditional college education costs more than most Americans can afford. In fact, only 17% of American families can afford sending their children to college without borrowing money from the federal government or a private bank. With higher education being a must for many careers, we must evolve the educational landscape to match the financial reality of the majority of Americans.
Luckily, there is one solution to this problem: online education. Because of the lack of inherent costs of the typical brick and mortar education, virtual classes can save learners thousands of dollars on their tuition. Let’s dive into the costs of both a traditional public school and a fully online education to see just how much more money you need to spend attending in-person classes.
Traditional education Vs. Online education
Although the tuition per credit hour is comparable between traditional and online education at most colleges and universities, the other costs that incur in a traditional education setting are staggering when compared to an online education. For example, student who attend virtual classes saves money by not worrying about transportation costs. Not only do students who commute to school need to worry about gas money, but they also have to worry about the wear and tear they put on their vehicles. With that being said, living on or near campus could eliminate transportation costs for students if their classes were within walking distance.
Living and food expenses
Other needs and essential services, such as somewhere to live and cost of food, are reduced if not living on campus. The average campus meal plan costs $4,500 a year while groceries average around $3,120 a year per student. Dorms are also more expensive than living in an off-campus apartment. The average dorm costs almost $9,000 a year while an apartment off-campus costs $7,200 a year with a roommate in an apartment that charges $1,200 a month. The cost of an apartment can be even cheaper depending on how many roommates you live with.