The credit crunch and stock market crash will have an impact on households’ income and their ability to pay for college. The tuition fee, room, books, travel and other college expenses are continuing to soar while the economy has worsened. With today’s economy situation, it will be much more difficult to obtain a student loan. Parents are looking for alternative education options for their children and online education has came out to be the best education option that meets the tight education budget of the parents.
Prior to this economy crisis, students who choose to pursue their degree online are mainly enjoying the benefits of online education that give them flexibility study environment, but with economy downturn that leads to a recession, cost effectiveness of online degrees may become the key factor that divert many of pro campus-based parents and students to opt for online education.
Getting a degree through online education program can be a good option in the recession period. As the online education enable students to logon to the classes from their home or any location at their convenient, it eliminates the hassle of traveling to and from the college, while helping to save in term of traveling cost. Students who study at campus-based college that is far away from their home may need to relocate by renting a room and a house that close by; this additional cost can be saved by pursuing the same degree offered through online education.
Most learning materials used in online degree programs are in digital format that can be downloaded from the online learning system of the school. Although the online colleges may add some charges to the downloadable online learning materials, it still a saving if compare to the cost needed to purchase those printed books and references required by campus-based colleges.
Another key advantage of online education to be the best education option for those who have tight education budget is the online students can choose to work while pursuing their degree. Most online degree programs have some sort of flexibility that allows the students to plan their own pace of study. This advantage enables the students who are working for extra income to plan for their study time that fit into their working schedule. Moreover, the students who are working do not need to rush to college after work; instead, they can go home and take a bath and nice dinner before they logon to the online class from their comfort home.