Cost is an important factor in choosing a bachelor’s degree program, and many factors influence what schools charge and what students pay for tuition. The average cost of an online bachelor’s degree was $54,231 in 2024, according to EducationData.org.
A variety of resources and strategies are available to assist students in paying for college and minimizing out-of-pocket expenses. Students also need to consider factors other than price when determining whether an online bachelor’s degree is an appropriate choice for them. In this guide, we cover how to calculate the full cost of an online bachelor’s degree program and how to make it more affordable.
Factors That Impact the Cost of a Bachelor’s Degree
There are two ways to determine what an online bachelor’s degree costs — what institutions charge and what students actually pay. Several factors influence both aspects of how much an online degree costs.
What institutions charge
The primary factor that impacts what a school charges is whether it’s a public or a private institution. Tuition is typically cheaper at public universities, which receive state and federal funding. However, online students need to keep in mind that public universities often charge out-of-state students a higher tuition rate.
According to EducationData.org, in 2024, the average cost of an online bachelor’s degree at public universities was $40,926 for in-state students and $59,011 for out-of-state students. Online bachelor’s degrees cost an average of $62,756 at private universities.
Other factors influencing a school’s tuition price include reputation, ranking, location, and size.
What students actually pay
The other side of the conversation about cost focuses on what students actually pay. As mentioned above, where a student lives is relevant if they’re attending a public university. They’ll likely have a lower tuition rate if they live in the state where the school is located. However, many public schools charge online students the same tuition rate regardless of where they live.
Private institutions generally have one tuition rate for all students regardless of location but might have a discount for those only taking online classes.
Another key influence is financial aid, including loans, scholarships, grants, and work-study, which can reduce the cost of an online program. An online bachelor’s degree will also cost less for students with tuition assistance benefits from an employer or active-duty or veteran military service members.
Online College Costs Other Than Tuition
When students consider the cost of an online bachelor’s degree, they typically focus on tuition. But there are other costs associated with attending school virtually that students should also keep in mind when creating their budget for school.
- Technology ($360) — All students rely on tech like computers and Wi-Fi, but for online students, having reliable hardware, software, and internet access is critical for class attendance and participation, submitting assignments, and taking exams. Students should invest in a good quality computer, audio, and webcam and confirm that their Wi-Fi can handle live streaming and video playback.
- Fees ($100-$200) — Another common additional cost is fees colleges charge students on top of their tuition. For online students, these fees can cover things like technical support, online student services, access to library resources, and more.
- Textbooks and learning materials ($107 per book) — Students also need to budget money for textbooks (either in hard copy or digital format) and other instructional materials.
- Travel costs (varies) — Some online programs have in-person components that may require travel to campus or another on-site location. For example, education students must complete student teaching in a school, while nursing students must participate in clinical rotations. Students should be clear on any in-person requirements for their programs before starting and factor associated costs into their budgets.
- Application fees ($50) — In many cases, students must pay application fees before they are accepted into an online bachelor’s program, which can quickly add up for students applying to multiple schools.
Getting Help Through Scholarships, Loans, and Other Resources
Many resources exist to provide money for students to obtain their bachelor’s degrees or help students find money to pay for school. The options below can help you find scholarship opportunities and learn more about student loans and other resources.
Free Application for Federal Student Aid (FAFSA)
Commonly known as the FAFSA, this free online application is the tool the U.S. Department of Education uses to determine eligibility for various types of financial aid from the government. For undergraduate students, this type of financial aid includes Direct Subsidized Loans, Parent PLUS Loans, Federal Pell Grants, TEACH Grants, and federal work-study. Many schools also use information from the FAFSA to determine eligibility for additional financial aid and scholarships.
FinAid.org
Established in 1994, FinAid.org is a free, comprehensive online resource for student financial aid information, tools, and tips. Students and families can plan for tuition and loan repayments using tools to calculate the cost of college, expected family contribution, and project loan repayments.
They can also get guidance for completing the FAFSA and understanding financial aid award letters. FinAid.org’s articles break down all aspects of the college financial aid process, with advice for maximizing money and avoiding common mistakes.
FastWeb
Students seeking scholarships to help pay for their online bachelor’s degree should be sure to check in with FastWeb. This leading online higher education resource has a searchable scholarship directory that collates scholarship opportunities from hundreds of sources.
Students can sort scholarships based on specific demographics or situations, including college freshmen, non-traditional, adult, and returning students, LGBTQ+ students, and more. Students can get personalized scholarship recommendations by creating a free profile, making the search process easier and more efficient.
Scholly
Scholly is a mobile app for researching scholarship opportunities, ideal for students on the go. Students can enter their educational and professional backgrounds, accomplishments, interests, and more, into their Scholly profile.
The app then uses AI technology to match students with suitable scholarships, fellowships, and grant opportunities based on their profiles. They also regularly offer drawings and contests to help users access more money for school. Scholly is available on both Apple and Android platforms.
Employer tuition assistance
Students who are working while attending college online should find out if their employers offer tuition assistance benefits. Increasingly, some of the nation’s largest employers, including Amazon, McDonald’s, Starbucks, and Verizon, are offering employees money to help cover tuition and education costs. In most cases, this comes in the form of tuition reimbursement, where students pay upfront for classes and are reimbursed by their employer for all or some of their tuition after successfully completing their class.
Six Ways to Save Money in an Online Bachelor’s Program
For cost-conscious students and families, there are many ways to save money on an online bachelor’s program, according to College Counselor Dana Marvin. The following tips can help you get a head start.
Tip #1: Be realistic about what you can afford to pay
“I have conversations every year with students and their families about how the best school is always the one that fits the needs of that particular student,” Marvin says. “If attending a certain pricey college will put a student or family into major debt and require potentially dangerous financial decisions, such as withdrawing from a retirement account early, it may mean a hard conversation of choosing a different school. ”
Tip #2: Explore all avenues for “free money” before considering loans
“Free money” includes scholarships, grants, and tuition assistance — basically, any money for school that doesn’t have to be repaid. Marvin encourages students to seek out these types of funding before turning to loans. “Scholarships and grants, both from the school and from outside organizations, can either lower the cost of the loan the student needs to take out, or best-case scenario, completely cover the cost!”
Tip #3: Sign up for a payment plan
Many schools offer payment plans, which allow students to spread out tuition payments over the term, rather than pay in one lump sum. This can be beneficial for students who are working while earning their degree, as they can set aside money at regular intervals to pay their tuition.
Tip #4: Take out federal student loans before private loans
“If you qualify for federal loans, take those before looking into private loans,” Marvin says. “Federal loans are great because qualification doesn’t depend on a credit score, there are income-driven repayment plans, and there are loan forgiveness programs the student can look into.” If private loans are necessary, Marvin recommends shopping around to multiple lenders for the best interest rate.
Tip #5: Only borrow what’s necessary
Regardless of how much in loans students qualify for, they should only borrow as much as they need to cover their tuition and expenses. Marvin says, “Remember, every dollar you take out in a loan will not only be paid back, but with interest!”
Tip #6: Begin repaying loans before graduating
On the topic of repaying loans, Marvin reminds students that they don’t have to wait until they graduate to begin doing so. “Let’s say you make an extra few hundred dollars during a summer job, or your parents get a big bonus from work,” Marvin says. “You can use that money to start paying off your loans while you’re still in school! Even paying off a few hundred or thousand dollars before finishing school can make a huge difference to those loan amounts post-grad.”
Questions to Ask When Deciding How to Pay for an Online Bachelor’s Program
It’s clear that there are various strategies students can use to make an online bachelor’s degree program more affordable, and it’s not a one-size-fits-all approach. Here are some questions to ask yourself to determine what’s right for your situation:
- Realistically, what can I afford to spend per year for the next 4-6 years? It’s great if you can contribute directly to your education without needing loans, but keep in mind that it’s not a one-time expense. Bachelor’s programs generally take at least 4 years to complete, and you’ll need to ensure you have the funds for the full time. However, if you change your major or have to retake any classes, this can increase your time and costs.
- Do I have time for a part-time job or work-study position? Having a job while you’re in school can give you more income to contribute to your education, and work-study positions are more flexible and can work around your classes.
- What’s my realistic earning potential as a new graduate? Student loans can be deferred while you’re in school, but payments start up when you graduate. If you’re planning on taking out loans to afford your degree, make sure your earning potential as a new graduate provides enough money to make your payments while leaving you with a livable income.
- How much will I owe at graduation? Before you decide on a financial plan that involves loans, calculate the full amount of your loans when you graduate. Unsubsidized federal loans and private loans start accruing interest immediately even if you defer payment, and the magic of compound interest can lead to sticker shock after you get your diploma.
The Best Online Bachelor’s Programs
Learn more about online bachelor’s degree programs with Intelligent.com’s list of the best online bachelor’s degree programs of 2024.
Interested in a degree instead?
Learn more about online degrees, their start dates, transferring credits, availability of financial aid, and more by contacting the universities below.