Comparing College Costs: How to Get the Most for Your College Dollar

The economy is recovering – slowly. Too slowly for most of those who lost their jobs in the recent recession to have seen any practical benefits yet. What’s more, the severity of the downturn has demonstrated that having any old job is not enough to ensure financial security. You have to have the right kind of job.

This growing realization among American workers has led to a huge interest in education. If you’re considering going back to school, you are probably wondering how to get the most for your college tuition – especially if you have work, family and other responsibilities.

You want to know if accredited online colleges are as good as their campus-based counterparts, and if online college courses can really save you a lot of money. You might also be wondering if you can accomplish your educational goals at a two-year community college, or if you’re better off pursuing a bachelor’s degree at a four-year school.

Here’s some critical information on each of your choices, and some numbers to help you compare prices:

Accredited Online Colleges vs. Campus-Based Colleges

First and foremost, a word of advice: Unless you are attending a vocational/technical program, don’t even consider on-campus or online schools that lack regional accreditation. Sure they’re cheap, but unaccredited colleges can cause students a variety of problems, including the inability to transfer credits from one school to another. That said, earning an online college degree can be a valid choice – just make sure that the institution you choose is certified by one of the six regional U.S. accrediting bodies.

Surprisingly, the cost of tuition at accredited online colleges is not all that different from what traditional public universities charge in-state students: both run about $250 - $300 per credit hour. Recent studies by The College Board report that once you add in other fees, this translates to roughly $7,500 per year.* However, the cost of tuition at accredited online colleges is significantly better than what public universities charge out-of-state students (about $12,000 per year) or the cost of a private college (about $27,000 annually).

Where you can really save money by studying online is in housing and transportation costs. Distance learning students do not have to pay dorm fees, purchase meal plans or drive to class – which, depending on your living situation, can mean big savings.

Community Colleges vs. Four-Year Colleges

Fortunately for America’s collective pocketbook, workers can enter many of the fastest-growing careers with an associate’s degree. Nursing and web design are excellent examples; even though higher degrees exist for both of these booming professions, an Associates in Nursing (ADN) or Associate of Applied Science (AAS) in Web Development can qualify you for entry-level positions in their respective fields.

At about $2,700 per year, the cost in tuition and fees of a two-year community college is significantly less than that of a public or private four-year school. If the career you want to enter requires only an associate’s degree, it definitely makes financial sense to earn it at a community college. And even if you’re planning on getting a bachelor’s, completing your first two years at the local community college can be a great way to save some money.

Final Thoughts

What four-year schools offer that community colleges and online colleges generally don’t is the “college experience” – sports, parties, dorm life, fraternities, sororities, etc. This is an important consideration for many younger students, and if you’re one of them then four years at a traditional college can be well worth the extra expense. On the other hand, working adults with families are seldom concerned about frat parties and football games, so an online school or community college is often a better choice.

Ultimately you will have to take the facts you’ve learned here, judge them in relation to your lifestyle and how much you can afford, and make the best decision you can. What’s most important is that you get a solid education from an accredited school so that you can land secure, lucrative employment once you graduate.

*Trends in College Pricing, 2010

5 Signs Your Online College Might Be a Diploma Mill

So you want to attend class from the comfort of your bedroom or home office, do you? I don’t blame you. When I was in college I would have given anything to trade my 8 am American Literature course for an online education option. I mean seriously; on a cold morning, who wouldn’t rather study Faulkner while wrapped in a leopard-print microfiber blanket and sipping hot coffee?

Online college degrees are more than just the newest trend in education. They are fundamentally reshaping the way we learn. In a 2009 report, the Sloan Consortium noted that enrollment in online degree programs had increased by 17%, which is over six times faster than the growth of the general college student population*.

But not all such programs are created equal. There are a few things you should know before breaking out the coffee mug and silly (but exceptionally comfortable) blanket.

Most online education is provided by legitimate institutions that reward hard work with a valuable degree. But some do lack regional accreditation, which can make it difficult to transfer credits or get employers to recognize your achievement. And a few are outright scams – often called “diploma mills” – that sell fake, useless degrees.

In the interest of keeping your money – or even more importantly, your lender’s money – out of the hands of these con artists, here are five signs that the institution you’re considering might be a diploma mill:

1. It is accredited by Bob’s Discount Accrediting Emporium. The seven regional U.S. accrediting bodies are the only accrediting organizations recognized by the U.S. Department of Education. They are the:

• Middle States Association of Colleges and Schools
• New England Association of Colleges and Schools
• North Central Association of Colleges and Schools
• Northwest Commission on Colleges and Universities
• Southern Association of Colleges and Schools
• Western Association of Schools and Colleges (Community and Junior Colleges)
• Western Association of Schools and Colleges (Senior Colleges and Universities)

These associations do accredit online colleges and universities, as long they meet the same standards that are set for campus-based schools. But if a degree-granting institution instead touts credentials from some other group – or no group at all – then it almost certainly is not regionally accredited.

At best, non-accredited colleges and universities will provide you with credits that are very hard to transfer to other institutions, and credentials that many employers don’t consider legitimate. At worst they will take your money and give you nothing in return but a sham degree that is worth less than the paper it’s printed on.

Trade and vocational schools, which are not eligible for regional accreditation, are an exception to the “always choose a regionally accredited school” rule. They are typically certified by a national, field-specific accrediting body. Legitimate culinary schools, for example, are accredited by the American Culinary Federation Foundation Accrediting Commission.

2. There is no need to study, attend classes or take exams. Believe it or not, this is a common promise made by diploma mills. Instead of requiring you to do all of that annoying learning, they offer to grant you an online college degree based on “life experience” – which they’ll never bother to checking into, of course. To a diploma mill, the person who has spent the last 10 years running a business is no different from someone whose professional life is limited to hair-net-and-name-tag jobs. You send them your money, you get your fake degree. End of story.

3. It offers free express delivery. As a rule, legitimate colleges do not pride themselves on fast delivery. It’s one of the ways a real degree is different from, say, pizza.

4. You’re told you will earn more in a few short weeks. Gaining something valuable with little or no effort is the most common scam in the world – just check your email account’s spam bin. Diploma mills love to promise huge leaps in income and quick promotions for those who purchase their degrees, but they never deliver. Almost all major employers – and most smaller ones, too – are now aware of diploma mills and the worthless degrees they sell. Trying to pass off such fake credentials is likely to get you fired by your current employer rather than hired by a new one.

5. It claims you are pre-approved for financial aid. Approval for financial aid like Pell Grants and subsidized student loans comes from the government, not a school. No college or university can pre-approve you for this kind of assistance. When diploma mills and low-quality unaccredited schools advertise pre-approval, it means that they approve of you using your credit card, rent money and little brother’s piggy bank to pay them for a worthless degree.

Now, all that said, you should remember that there are many legitimate online degree programs out there. Even traditional on-campus students are now often encouraged to take a few courses online. The flexibility and affordability such programs offer can be a huge advantage, especially to adult learners who have family, work and other responsibilities.

Just make sure that the online school you choose is regionally accredited, and you should be okay. The degree you earn will have real workplace value, though it is unlikely to be delivered in 30 minutes or less.

*Learning on Demand: Online Education in the United States, 2009

4 Crucial Tips on Transferring Your Community College Credits

Completing your first two years of school at a community college is a sound financial decision. The College Board notes in a recent article that in-state students can expect their public two-year college to cost about $2,544 per year in tuition and fees, compared to $7,020 at a public four-year college*. That’s an impressive savings that eliminates a lot of potential debt.

However, you might worry about having to transfer your credits when you’re ready to continue working on your on-campus or online bachelor's degree at a four-year school. Thankfully, the process is now fairly straightforward. Here are some tips on how to make transferring your credits to a bachelor’s program go smoothly:

Before Starting Community College

1. Make sure the community college you attend is regionally accredited. Regional accreditation – the highest form of accreditation in the country – is vitally important. Colleges and universities that are certified by one of the six regional U.S. accrediting agencies meet rigorous Department of Education standards, and credits earned at one such school can usually be transferred to another. On the other hand, most regionally accredited on-campus and online bachelor’s programs will not accept transfer credits from a non-accredited college.

2. See if your community college cooperates with any four-year institutions. Many community colleges are closely associated with nearby public four-year colleges, and might have established articulation agreements with them. Such agreements guarantee that most or all of the credits earned at the community college will transfer to the four-year college, and also make transferring credits between the two schools much faster and easier. If at all possible, choose a community college that has an articulation agreement with a four-year school that a) offers the on-campus or online bachelor’s program you want to pursue, and b) you are actually interested in transferring to.

When You Are Ready to Transfer

3. Meet advisors and admissions officers from several colleges. Once you know which four-year schools you’re interested in attending, contact an advisor at each of them and set up a meeting (phone meetings are acceptable when necessary, but face-to-face is much better). These advisors will be able to tell you what requirements their school places on transfer students, such as a minimum GPA or standardized test score. They should also be able to tell you about their institution’s bachelor’s programs – or direct you to those who can – so that you’ll be able to choose the one that’s best for you.

4. Explore online bachelor’s degree program options. For many students – especially adults with work and/or family responsibilities – an online bachelor’s program offers the combination of affordability and flexibility they need. Such programs are usually less expensive than their on-campus counterparts and can be adapted to fit almost any schedule. To make sure you choose a legitimate online bachelor’s program that will provide you with the degree you need, learn these nine essential tips for students taking online courses.

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*What It Costs to Go to College, The College Board (Accessed September 2010)