Whilst you’ll have a BSc, BA or MA hanging proudly on your wall, the upshot is typically a depleted bank balance and the sort of bleak financial prospects that even John Maynard Keynes would struggle to put a shine on.
Indeed, a recent study written by researchers at the Institute for Fiscal Studies (IFS) has revealed most students will still be paying pack loans from university when the reach their 40s and 50s, whilst many will never actually clear the debt.
The study also found a typical student leaves university with “much higher debts than before”, with the average money owed totalling more than £44,000. Add in the above-inflation interest rate on student loans and, in real terms, 45 per cent of graduates are paying back more than they borrowed.
On the face of it, whilst many graduates will pay back significantly more than they initially borrowed, the vast majority (73 per cent) will not repay their loan in full. On average, around £30,000 will be written off.
With that in mind, many budding students will attempt to reduce their overheads by swapping a bricks and mortar institution for an online degree that’s taught entirely through interactive e-learning and web-based tutorials.
But how does this educational path save you money over the course of your qualification?
- Tuition Fees
More often than not, distance learning is less expensive than a traditional course. This is because your studies are conducted online, with all course materials made available through an interactive Virtual Learning Environment – which also means you avoid splashing the cash on all those expensive textbooks.
- Travel Costs
When you’re studying for a full-time degree at a bricks and mortar university, travelling back and forth (if you’re not living in halls) can be an expensive business. However, by choosing an online degree, you can alleviate these travel costs and learn at your own pace wherever you have an internet connection.
- Accommodation
Rather than moving to a new city or swapping your rural retreat for something closer (and more expensive) to the university, learning online allows you to kick back in your current accommodation. Whether you’re living with your parents or sharing with friends, you can keep the status quo whilst you gain your degree.
Now it’s over to you …
Have you ever considered an online degree? Perhaps you wish you’d taken a web-based course rather than heading down the traditional route? Whatever your story, please feel free to get in touch and let us know how it’s going – we’d love to hear from you
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