Is It Worth It To Get An Online Degree

As much as 44% of America's workforce has earned a Bachelor's Degree or higher, and attaining this level of education can be a major help in the quest for a new job, better pay, or a promotion. Many professionals, however, do not have the time or ability to attend traditional, campus-based courses, and so more and more people are turning to online education and degree programs.

In the past, online degrees may have been looked upon with less favor than a traditional college degree, but because of improvements in accreditation and technology managers and HR representatives are less likely to be skeptical of an online degree than before. In fact, a 2010 survey reported in Kiplinger's Personal Finance found that Human Resource Personnel view on-line degrees far more favorably than just a few year ago.

How much an online degree can help in increasing your wages or employment prospects depends in part on where the degree coms from. Most major colleges and universities around the country are offering at least some of their degree programs on-line. A degree from an accredited program will increase the chances of gaining a promotion, higher salary or even a successful career change upon completion because accredited universities have their courses evaluated by third-party agencies to ensure that the education they provide meets acceptable quality levels. While degrees from accredited institutions are generally preferred, however that does not mean that an un-accredited degree is totally worthless. As long as there is course-work involved, the knowledge you gain may help you further your career.

Tuition costs for on-line degree program do not generally exceed the cost to go to class on campus. On-line degrees are earned while living at home, saving money on room and board, commuting costs, parking passes and other costs associated with living on campus. Some degree programs require you to complete the degree by testing on campus which may require time away from the job and travel expenses. Scholarships, grants and other financial aid are available for most degree programs, whether completed on-line or on campus. Some employers may even reimburse all or part of tuition costs upon the successful completion of the coursework. Overall, a degree earned online will most likely be cheaper than a traditional degree.

Tuition for on-line programs is most often billed by the credit hour. The average course is $200-$450 per credit hour, although this varies with the school, and by the program. Paying by the credit hour makes it easier for those who might struggle to pay thousands of dollars up front each semester.

But what about the return on your investment?

According to the Bureau of Labor Statistics the average salary for Americans who hold a Bachelor’s degree is 1.8 times the average salary of a high school graduate and 2.8 times the wages of a high school drop-out. For example, according to a national study done in 2009 workers with a High School Diploma earned an average of $31,304 per year. By contrast, those with a Bachelor's Degree earned an average of $51,688. Going by the averages, the increase in average salary makes up the cost of tuition in as little as one year. There is an advantage of holding a degree in terms of the unemployment rate as well. In the same study, it was discovered that only 5.5% of Bachelor's degree holders were unemployed, versus the national average of 9.3%.

As online degree programs become more advanced, higher levels of education are being offered. Currently, Master's programs are becoming very popular in online education. The average salary for a worker with a Master's degree was over $60,000 in 2009, with unemployment rates even lower than for those with a Bachelor's degree.

In any economy, it is important to realize that the more educated and more experienced in any given field will be given higher-preference for jobs and salary increases. Online degree programs are still a bargain, especially when you factor in the money saved from not commuting, buying fewer physical supplies, and reducing room and board costs.

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