Exactly How Much
Financial Aid Will You Need?

Your first move should be to talk directly with the financial aid office at the school you’re interested in. They should definitely be able to tell you exactly what their accreditation status is, and which of the top loan programs out there you will be eligible. If you don’t get a clear answer from the school on this, you may want to pull back and reconsider other options. Filling out forms and contacting lenders can involve an amazing amount of hard work, and you don’t want to get involved in it if you’re doomed from the start by the fact that you’re trying to borrow money to go to a non-accredited school.

The Wide Range of College Costs
One of the toughest questions to answer is “how much does a college degree cost.” While distance learning degrees are generally (though not always) a bit lower in cost than traditional ones, the fact is that a four-year undergraduate degree today can cost anywhere from $10,000 to $110,000. While numerous financial writers have predicted that the cost of college will probably level off in the coming years, there’s no evidence of this happening yet. State schools have traditionally been the best bet for students who have financial challenges. Today, however, the cost of a state school degree is no longer universally low. That’s because many states are in financial trouble, and are slashing education budgets as one way to cut their costs.

Some state colleges in financially-challenged Michigan, for instance, have been raising their tuition fees by 14% a year recently, while Illinois costs have gone up over 11% and the University of Kansas recently hiked its tuition rates by a whopping 16%. In fact, overall, The College Board says that from 2001 to 2006, the average tuition for university degrees online at public institutions jumped 35% after adjustment for inflation, the biggest jump ever recorded for a five-year period.

Distance Learner Advantage
The silver lining here for online learners is that state schools often don’t charge higher fees if you are an “out of state” student, as they do with students who actually attend live classes. As a result, you can shop for the best bargains in distance learning on a national basis, rather than having to be restricted to your own home state.

Just remember that in estimating the cost of university degrees online, you need to look at more than just the tuition. Although distance learning eliminates travel costs, food plans and dormitory fees, you still need to consider the costs of internet connectivity, any special software you may require and computer hardware. Last but not least, keep in mind that the tuition cost itself may rise 7 – 10% per year, which means that you’ll be paying a good deal more for your last year of schooling than you will for your first.

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