Will I Save Money by Earning My Master’s Degree Online?

Earning your master’s degree online is a great way to get the best value out of your graduate school experience on your own schedule and with the ease of learning remotely from the comfort of your own home, local library, or office. When you enroll in a fully online graduate degree program, you cut costs and corners in quite a few beneficial ways. Just think about it – you’re not driving to and from campus, you can study or attend lectures on your own time, you don’t have to pay for lab fees or purchase testing materials like bluebooks. All of these added fees tuition fees add up if you are using campus facilities and resources. Additionally, if you have a job, you likely will not have to miss work or replace work hours with school hours because learning online is so very flexible. Let’s take a look at these benefits and other ways you can save money a little closer.

Accelerated Programs

Many accredited graduate schools offer fully online accelerated master degree programs where students can enroll in a program remotely and finish their course work in less time it would take than attending classes on campus. Some graduate programs are notorious for offering accelerated learning online including business degrees, nursing programs, and degrees in the field of education. Accelerated programs are a great way to get the best value from your online graduate school experience since you save money by completing work quicker, getting you back in the workforce full time with the same quality education you would get from a regular paced online degree program.

Tuition Reimbursement

Because you will likely be working in the field in which you are studying, you may be able to qualify for some tuition reimbursement programs with your employer. For example, many nursing students who are obtaining their online MSN seek reimbursement from the hospitals in which they work in exchange for agreeing to stay employed with that hospital for a predetermined number of years. Usually, contracts like these come with promising benefits and salaries as well as job security. Even if you are not in healthcare, it’s always worth taking the time to check with your employer to see if there are any reimbursement programs, scholarships, or grants available to help you pay for your online master’s degree.

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Student and University Savings

By enrolling in classes fully online you will save money on commuting costs, room, and board, and student fees that are tacked onto on-campus tuition costs. You will be paying for your courses alone, and oftentimes, online courses are priced more affordably than on-campus courses. These lower prices are not a reflection of the quality of education you will receive, which will be the same quality as found on campus, but in fact reflect the fact that fewer resources are consumed when developing and giving an online class than one on campus, which means fewer dollars put into the course, to begin with. Many schools today offer fully online graduate degree programs for this reason – the cost savings for the university itself is substantial.

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