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The ever-increasing price of higher education is largely to blame for the growing trend of students graduating from high school and deciding to pursue their college degrees solely through online platforms.
Online education is now increasingly regarded as a feasible alternative to the traditional way of attending physical universities. Not too long ago, eLearning was primarily perceived as a collection of technology intended to complement long-distance learning and improve classroom experience.
The benefits of online education are frequently touted as being greater flexibility, engagement, and access to digital learning resources, but for students who prefer the online campus to the physical campus, tuition costs are increasingly the most crucial considerations. Before the global financial crisis in 2008, eLearning placed more emphasis on master’s degrees, extra credit, and certificate programs that catered to those who already walked into working field. Nowadays, high school graduates are more likely to learn online primarily as a result of the skyrocketing expenses of college tuition.
Even before it was explicitly declared by economists in 2008 that the United States was experiencing a Great Recession, complaints about the “higher education industrial complex” became a hotspot among American college graduates who were struggled with huge debt. By the year 2013, these mutterings had developed into widespread economic concerns, as the Federal Reserve of the United States calculated that the total amount of outstanding student loan debt had reached $902 billion. After further investigation, the Consumer Financial Protection Bureau came to the conclusion that the whole amount of money owed for student loans was actually greater than one trillion dollars.
The jobless rate came dangerously close to 10 percent during the worst time of the Great Recession. The core of the grumbles is that traditional university tuition costs have been so ridiculous that even professionals are unable to reasonably manage their student loan debt along with the expenses of their households. This is the time when many Americans began complaining about college being a fraud. They thought that bachelor degree could not provide good jobs with satisfactory salaries.
The United States’ skyrocketing education costs are nothing new, but the situation has recently grown out of control. One of the findings demonstrated that many colleges have lowered tuition rates for their online programs, and academic counselors are becoming professional in explaining how students enrolling in e-learning can save money on supportive costs. The investigations into the American student loan industry were launched by the Obama administration. It served as a part of the efforts to crack down on the excessive debt caused by decades of student loans. In this regard, one of the findings showed that the Obama administration implemented a number of investigations into the American student loan industry.
The cost of tuition isn’t the only thing keeping college students in the United States up at night. If students decide to live on campus, for instance, they will have to pay for both housing and food plans, which are commonly referred to as “room and board.” This will cause the total amount of their student loans to climb by a significant amount.
The cost of room and board for out-of-state students typically ranges from $10,000 to $20,000 per academic year. This does not include application fees, costs associated with off-campus entertainment, or any other costs associated with living away from home. By enabling students to make the most of where they are already living, online education makes it possible for them to reduce the amount of money they spend on accommodation each semester, which can amount to several thousand dollars.
The elimination of the need to purchase textbooks is another way that online education makes traditional college education more affordable. More and more the lecture materials are incorporated into the curriculum as a result of the digital frature of e-Learning. In addition, students can have access to electronic textbook which are becoming increasingly available on the Internet. Amazon and Chegg both provide thousands of eTextbooks that can be hired by the semester, and student credit cards can make the process of renting college eBooks easier. Additionally, there are more resources available to make life simpler, such as student credit cards. The fundamental technology that makes all of this feasible, such as high-speed internet with excellent coverage and tablets that students can actually buy, was a dream only ten years ago.
When college students choose to attend their classes online, they not only save money on tuition, but also on the expenditures of traveling to and from campus. Parking fees, tolls, gasoline, and the wear and tear of regular driving can add up to a large amount for college students. A better choice for college students is to keep the car parked and complete the curriculum requirements from home.
When it comes to higher education, not everything should be assessed in terms of financial worth and cost savings. A more crucial question to ask is whether or not students can acquire an education that is actually valuable when they attend college. And this is where the advantages of eLearning become most apparent.
If a student is taking marine biology classes, for instance, they can go online and find lectures given by the specific professor or watch documentaries starring Jacques Cousteau. This is because the most prestigious lecturers in the world have been digitally filmed and recorded. By doing so, it can benefit the entire world. In point of fact, the majority of the tasks at traditional schools and universities in this day and age need students to conduct research online.
Students who attend classes entirely online in order to keep their costs down will not be given a less rigorous education than their traditional campus-based counterparts. To illustrate this point, it is essential to keep in mind that the late Steve Jobs, who was the founder of Apple, attended Reed College but only audited his classes because he was unable to pay for the full cost of tuition for full credits.