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Online Classes | Budgeting

3 Reasons Earning a Degree Online is Smart for Your Budget

There are a lot of reasons why students decide to pursue a degree online, but here are some reasons that will sound good for your wallet.

1. You don’t have to live on campus.

Living on campus, while a great social experience for students, is an expensive additional cost on top of tuition. According to mycollegeguide.org, the average college student spends anywhere from $8,887-10,089 during his or her college career on room and board for a dorm alone. For online students who are already homeowners or for students who have found affordable housing in an off-campus location, this is an expense they can cross off their lists.

2. Meal plans aren’t required.

If you are an online student, chances are you won’t drive to the physical location of your college just to grab a lunch. Another cost eliminated for online students is school meal plans. At some institutions, meal plans are required for students who live on campus. On average, an unlimited meal plan costs roughly $1,600 per semester, according to the Money for College Project. Purchasing groceries off campus and making your own meals can decrease this cost significantly.

3. There are no extra commuting costs.

When taking classes on a college campus, the first step is getting there. Depending on your location, this could mean a bus pass, a bike ride or driving your own vehicle. Not to mention parking fees. A survey taken by AAA found that college students spend $225-1,300 per year to park on campus. When you take courses online, all of these factors are eliminated.

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