I’m going to return to the theme of “affordability” this month. A friend of mine has a grandson who will be a senior in high school this fall. Using the FinAid College Cost Projector Calculator (http://www.finaid.org/calculators/costprojector.phtml) I ran the numbers for the sticker price for a nearby state university (living on campus).

The projected four-year total for a student matriculating in the fall of 2018 came to almost $130,000. This didn’t come as a surprise to me, but it certainly got me to thinking about alternatives.

It turns out the kid could get the same degree at a sticker price of $60,000 online. There are four thousand colleges and universities in the US. Many of them offer online degrees. Some people have a negative view of online degrees, but if you choose a major college or university like Arizona State University, nobody is even going to know that you got your degree online unless you tell them.

But let’s say your degree is from Western Governors University. Then it is obvious you went to an online school. However WGU has a good reputation—not a problem.

What if your diploma is from the for-profit University of Phoenix? Now your degree may or may not be an online degree. The lack of selectivity at this institution would make me uneasy.

An online degree isn’t for everyone. Consider the following issues:

1. Learning Style: Online classes don’t fit everyone’s learning style. Some people lack the discipline to work in what is a less structured/unstructured environment.
2. Marketable Major: You need to identify a marketable major and to find an ACCREDITED online school that provides that program.
3. Cost: The costs vary widely. In-state tuition is a big factor. My advice is to never enter into a degree program without a “whole degree financial plan.”
4. Institution: Everybody and his brother offers online degrees including major universities, community colleges, for-profits, etc. Personally I would opt for a major, recognizable school like Arizona State University vs West Podunk U. I also have a strong prejudice against the for-profits. (They are not cheap. Look at the list of the ten top schools for student loan defaults. Eight of them are for-profits.)
5. Job Placement: Check to see if you’re going to get help finding employment. The lack of job placement services is a red flag.
6. Financial Aid: Does the institution qualify for Federal financial aid through FAFSA? What other sources of financial aid are available?
7. Competency-based: Some programs take into account your life experiences in constructing your curriculum. This shortens the time to get a degree and reduces the cost. Examples are the University of Wisconsin–Flexible Option and Western Governors University.

Yes, you are going to miss out on the “college experience” which so many schools subtly pitch these days. However you may also “miss out” on one of the major post-college experiences—repaying college student loans.