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Earning a college degree has many advantages, including increased earning potential and lower unemployment rates. However, to maximize the benefits of a post-secondary education, students must consider the cost of their degree.

Luckily, many affordable degree programs are available at all levels and for all subjects. Prospective students can use this page to explore the most affordable college degree programs for various popular areas of study, including nursing, computer science, accounting, and more.

Factors Influencing the Cost of a Degree Program

The cost of a college degree is based on multiple factors and varies by institution and individual student.

All schools set their own tuition rates at the institutional level. Public institutions, which receive money from federal and state governments to help subsidize costs, often charge lower tuition rates than private schools, which don’t receive any government funding.

A student’s residency status will usually impact how much their tuition is at a public college. In-state students receive discounted tuition at public universities because their taxes help fund the institution. Out-of-state students are often charged a higher tuition rate to attend a public college in a different state. However, many public colleges have started charging students in online programs the same tuition rate, regardless of residency. Students seeking the most affordable degree program may want to begin by exploring public universities in their home state.

The financial aid a student receives will also influence how affordable a program is. A substantial amount of gift aid, which are monetary awards that don’t require repayment, such as scholarships, grants, and assistantships, can significantly reduce the cost of their degree program.

To determine the most affordable degree, students should calculate the total amount of gift aid they’re receiving against the university’s tuition rates and fees.

Career Outlook for High-Paying Fields

Students may also want to consider career outlook and earning potential for their intended field of study before selecting a college and degree. A 2023 analysis from the Foundation for Research on Equal Opportunity (FREOPP) found that, at all degree levels, certain areas of study have a better return on investment (ROI) than others.

For example, at the bachelor’s degree level, fields of study like engineering, computer science, and nursing tend to have the highest ROI, while subjects like English, education, and fine arts have a low or negative ROI. While this doesn’t mean that students shouldn’t pursue these subjects, they may want to consider their future earning potential when deciding how much they want to spend on their education.

Career outlook is also important, as students may not want to enter a high-paying field with little projected job growth or a declining employment rate. The Bureau of Labor Statistics (BLS) offers insight into projected employment rates for dozens of industries and jobs, which can be helpful for students planning their educational and career paths.

Below are more details on high-paying fields expected to grow in employment over the next decade.

  • Information security analysts: Plan and implement security measures to protect an organization’s computer networks and systems. Responsibilities include monitoring networks for security breaches, investigating breaches, and using and maintaining software to protect sensitive information.
  • Medical and health services managers: Plan, direct, and coordinate medical and health services. They may manage an entire facility, a specific clinical area or department, or a medical practice for a group of physicians.
  • Financial analysts: Guide businesses and individuals in decisions about expending money to attain profit and assess the performance of stocks, bonds, and other types of investments.
    • Median annual salary: $99,890
    • Projected employment growth (through 2033): 9%
    • New jobs projected: 30,700 per year
    • Degree required: Bachelor’s degree in finance
  • Registered nurses: Provide and coordinate patient care, educate patients and the public about various health conditions, and provide advice and emotional support to patients and their families.

Frequently Asked Questions

How much does a college degree cost?

The cost of a college degree will vary based on what degree a student earns, the type of institution they attend, and how much financial aid they receive.

According to the National Center for Education Statistics (NCES), during the 2022-23 academic year, the average annual tuition and fees for associate degree programs at public colleges was $3,598 and $20,019 at private nonprofit institutions. For that same time period, the average annual tuition for bachelor’s degrees was $9,750 at public schools and $38,421 at private nonprofit colleges.

For graduate degrees, the NCES reports that the average annual tuition at public institutions was $12,596, and at private nonprofit universities was $29,931.

How can I pay for college?

Multiple resources are available to help students pay for college. One key way for students to determine which types of financial aid they’re eligible for is to submit a Free Application for Federal Student Aid (FAFSA). Schools use the information on this application to determine a student’s eligibility for aid based on financial need.

Students should explore opportunities for gift aid, which is financial aid for college that doesn’t need to be repaid. Gift aid includes scholarships, grants, fellowships, and assistantships. These financial aid resources are available from institutions, private organizations and businesses, non-profits, community and religious groups, and more.

Another option for students who plan on working while earning a degree is employer tuition assistance benefits. Many students also supplement gift aid, tuition assistance benefits, and out-of-pocket payments with federal or private education loans. Students should keep in mind that any money they borrow to pay for school must be repaid with interest.

What cheaper alternatives exist for post-secondary education?

Depending on their area of interest, budget-conscious students may also want to consider alternatives to traditional degrees to prepare them for the workforce.

One option is post-secondary certificate programs, which often take less time to complete than a traditional degree and cost a fraction of the price. Certificate programs are offered at the undergraduate and graduate levels and typically focus on targeted skill development for a particular job.

Students interested in jobs in IT can explore bootcamps, which are intensive educational programs that prepare students for jobs as coders, software engineers, web developers, and more. These programs, which are offered through private companies, typically have a payment option known as an Income Share Agreement (ISA), in which students pay only after they’ve obtained employment in the field.

For students interested in a skilled trade career, attending a trade or vocational school may be a better option than a traditional degree. These programs often take less time to complete than a traditional degree and have lower tuition rates while preparing students for high-paying and in-demand careers.

Is a college degree worth it?

Earning a college degree requires an investment of not just money, but time and energy. Students will get the most out of their degree when they are able to dedicate attention and effort not just to their coursework, but to the other opportunities a degree program affords, such as networking, extracurricular activities, and professional development.

According to the BLS, individuals with a degree typically have higher salaries and lower unemployment rates. For example, the unemployment rate for high school graduates is 3.9%, compared to 2.2% for individuals with a bachelor’s degree and 1.2% for those with a professional degree.

However, as the FREOPP analysis shows, ROI varies based on a student’s area of study and the degree level they pursue. Students should carefully weigh all these factors when determining if a college degree is worth it for them.


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