Cost and affordability are two of the most important considerations students must weigh when choosing an online college. Not only will choosing an affordable school impact your ability to complete your degree, but it will also leave you in a better financial position post-graduation.
To help you find a college or university that meets your budget, Intelligent.com compiled this list of the most affordable online colleges and universities for 2023. Independent college counselor Dana Marvin also contributed to this article to help students understand the factors that influence the cost of college, ways to pay for an online degree, and how to choose the online college that best meets your needs.
According to Marvin, financial aid works the same whether students enroll in an online or in-person program. “As long as the program is currently accredited by the U.S. Department of Education, the student can use any federal financial aid that they qualify for to take online classes, just as they would if they were taking traditional courses,” she says. “Additionally, some schools will offer students access to the same scholarships and grants whether they are taking online or in-person classes, while others will have separate scholarship programs depending on how you’re taking classes.”
Cost Breakdown for Online Colleges and Universities
Understanding the costs associated with an online degree can help you determine what will make a college affordable to you.
Tuition
The primary cost for any degree, whether you’re earning it online or in person, is tuition. Generally, students who are enrolled in a full-time program will pay a flat tuition fee for the term. Meanwhile, part-time students typically pay per credit hour, which means they may pay less per term than full-time students. However, it’s important to remember that all degrees have minimum credit requirements, so students who pay per credit hour will end up paying the same amount (or possibly more) in the long run than full-time students.
Fees
Most schools charge additional fees to help offset costs for specific resources. For online programs, this can include fees for technical support, online classroom technology and software, health and wellness services, academic and library resources, and more. Fees may be assessed on a per-term, per-year, or one-time basis.
Personal technology
A reliable personal computer and high-speed internet connection are essential for success in an online degree program. Students taking live virtual classes also need good audio and video equipment, including a microphone and webcam. Before enrolling in an online college, assess your current tech set-up and determine if you’ll need any new equipment so that you can include those costs in your budget. If you need a computer or other hardware, find out if your school partners with any stores or companies to offer discounts.
Books and other learning materials
Even in an online program, you may still be required to purchase books, either in a hard copy or digital format. Some programs may also require specific software programs or other materials for completing assignments. While these costs may be minimal compared to tuition, remembering to include them in your budget can help you avoid unexpected expenses during the school year.
Factors Influencing the Cost of an Online Degree
Tuition varies between colleges (and sometimes between programs) based on several factors.
Public vs. private institutions
A key determining factor in a school’s tuition is whether it’s a public or private institution. Public universities receive federal and state money to help lower tuition, particularly for students within the state where the school is located. Private colleges rely primarily on tuition (as well as endowments and investments) to fund their operations and typically charge higher tuition than public colleges.
Student residency status
For students who attend a public university, where they reside can impact their tuition. Students who live in the state where the school is located are considered “in-state” and typically pay a lower tuition rate than out-of-state students. However, with the expansion of online programs, more schools are offering in-state tuition to all students, regardless of residency. You may want to seek out schools that offer this benefit. Private institutions charge all students the same tuition rates, regardless of their home state.
Nonprofit vs. for-profit
Colleges in the U.S. are classified either as nonprofit or for-profit entities. All public universities are nonprofit, while private institutions can be nonprofit or for-profit. While tuition at some for-profit schools may be lower than private nonprofit schools, it’s important to remember a key difference between these two types of schools. Nonprofit institutions must reinvest their revenue into the institution in the form of infrastructure, faculty and staff salaries, student services, and more. Meanwhile, for-profit institutions are designed, as the name implies, to generate a profit for the company and shareholders behind the school, meaning they often spend less on instruction, infrastructure, and other services that directly support students. Regardless of which type of school you’re considering, it’s important to research how they invest your tuition, to ensure you’re getting good value for your money.
Student military status
Schools often offer discounted tuition rates for individuals who are active-duty servicemembers, veterans, and spouses of military members. Students who think they may be eligible for discounted tuition based on past or current military service should check with their school’s financial aid or military services office.
Most Affordable Online Colleges and Universities
How we rank schools
This list features some of the most affordable online colleges and universities in the U.S. All are nonprofit, accredited institutions, either public or private, with a high standard of academic quality for post-secondary institutions.
We evaluated each institution on tuition costs, admission, retention and graduation rates, faculty, reputation, and student resources. Then we calculated the Intelligent Score on a scale of 0 to 100. Read more about our ranking methodology.
Next, we compared our picks to a list of aggregated college rankings from reputable publications like the U.S. News & World Report, among others, to simplify a student’s college search. We pored through these rankings so students don’t have to.
The Top 70 Most Affordable Online Colleges & Universities
Discover More Options
Online Colleges That Might Interest You
Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.
How To Pay for an Online Degree
Out-of-pocket
If you or your family are paying your own money directly to your school, that’s considered paying out of pocket. Depending on their financial circumstances, students may pay entirely out of pocket or combine their own money with other financial aid like student loans, scholarships, grants, and tuition assistance benefits. According to Marvin, “If you’re paying out of pocket, find out if the college offers a payment plan, which spreads tuition payments over the term. For some families, a small monthly payment plan going directly to the college without interest may be a better solution to taking out a large student loan.”
Federal student loans
The U.S. Department of Education’s federal student loan program offers different types of loans to undergraduate, graduate, and professional students and their families. These include Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans. Interest rates and repayment terms for federal student loans are fixed and generally more favorable than private education loans. To determine eligibility for federal student loans, students and their families (if students are dependents) must complete the Free Application for Federal Student Aid (FAFSA). More information about the FAFSA and student loans is included in the next section.
Private education loans
Students can borrow money from private lenders like Sallie Mae, SoFi, and Ascent. While the government sets interest rates for federal student loans, rates for private loans vary based on factors like current market rates and individual credit scores. Marvin advises students to use federal loans before looking into private loans. “Federal loans are preferable because qualification doesn’t depend on a credit score, and they offer multiple options for repayment, like income-driven plans and loan forgiveness programs,” she says. For students who need private loans, Marvin says, “Keep an eye on what rates are like throughout the year. While one company might have the best rate while you’re browsing, it can easily change by the time you’re ready to commit.”
Scholarships
A scholarship is money awarded to a student to cover educational expenses that don’t have to be repaid. Scholarship sources include schools, employers, individuals, private companies, nonprofits, community and religious groups, and professional organizations. Scholarships may be awarded based on merit, financial need, or specific demographics, such as women, first-generation college students, or adult learners. Generally, students must complete the FAFSA and other application materials to apply for scholarships. Researching and applying for scholarships can be time-consuming, but Marvin says it can be well worth the effort. “Students and families should explore all avenues for scholarships, both from the school and outside organizations, before officially taking out a loan,” she says. “Scholarships can lower the loan amounts students need to borrow or cover the cost completely!”
Grants
Like scholarships, grants are gift aid that doesn’t have to be repaid. However, grants are typically awarded based on financial need as opposed to merit, like scholarships. The U.S. government offers grants, including the Federal Pell Grant and the TEACH Grant, through the federal student loan program. Many state governments and individual colleges and universities also award grants to eligible students.
Work-study
As part of their financial aid package, students may choose to participate in the Federal Work-Study Program. This allows students to earn money to pay for school and living expenses by working part-time at their college. Students earn at least the federal minimum wage, although some positions pay more based on responsibilities and level of experience. Undergraduate and graduate students are eligible for work-study. Online students who are interested should contact their school to find out if they have remote work-study opportunities.
Employer tuition assistance
Students who intend to work while earning their online degree should find out if their employer offers tuition assistance benefits. Although specifics vary by company, tuition assistance typically involves employers reimbursing employees for some or all of their educational expenses. This is becoming a more common employee benefit, with major companies like Apple, McDonald’s, Starbucks, and UPS offering employees money to attend college.
Online College/Degree Scholarship Database
Intelligent Scholarship Finder Tool
"A Helping Hand" Scholarship
Award Amount: $500
Due Date: January 31, 2023
"Follow Your Own Path" Essay Scholarship
Award Amount: $500
Due Date: January 31, 2023
"Tuition Solution" Scholarship for STEM Students
Award Amount: $500
Due Date: January 31, 2023
$1,000 Excellence in Online Education Scholarships
Award Amount: $1,000
Due Date: October 15 or March 15
$25k "Be Bold" No-Essay Scholarship
Award Amount: $25,000
Due Date: November 30, 2022
(ISC)² Graduate Cybersecurity Scholarship
Award Amount: $5,000
Due Date: March 6, 2023
(ISC)² Graduate Scholarships
Award Amount: $1,000 - $5,000
Due Date: February 28, 2023
(ISC)² Women in Information Security Scholarship
Award Amount: $5,000
Due Date: February 28, 2023
1,000 Dreams Scholarship
Award Amount: $1,000
Due Date: 3/31
1,000 Dreams Scholarship Fund
Award Amount: $1,000
Due Date: March 31 each year
Applying for Financial Aid
The Free Application for Federal Student Aid, aka the FAFSA, is the key to applying for financial aid in the U.S. The FAFSA collects income and other information about students and their families (if students are dependents), which schools then use to determine eligibility for federal student loans, work-study funding, scholarships, grants, and other types of financial aid.
To qualify for financial aid through the FAFSA, students must:
- Be a U.S. citizen, permanent resident, or eligible noncitizen
- Have a valid Social Security number
- Demonstrate financial need (requirements may vary)
- Maintain satisfactory academic progress
- Be currently enrolled in or plan to enroll in an eligible degree or certificate program
- Have a high school diploma or recognized equivalent (such as a GED diploma or homeschooling certificate)
Undocumented and international students are not eligible for federal student loans through the FAFSA.
Students can complete the FAFSA even if they’re still determining which college they’re attending. The application includes a section where students can select schools to receive their FAFSA information. This will expedite the financial aid award process once students are accepted to an institution.
Learn more about the FAFSA
For a more in-depth overview of the FAFSA and financial aid application process, check out the Ultimate FAFSA Guide.
Student loan forgiveness and repayment
When borrowing money to pay for college, students should always expect to repay their loans in full and have a clear understanding of interest rates and repayment options before committing to any loans.
The pause on federal student loan repayments enacted at the start of the COVID-19 pandemic is set to expire this fall, with payments resuming on October 1, 2023.
Meanwhile, the Biden administration’s student loan debt relief plan has been blocked by court orders. As of this writing, the U.S. Supreme Court is deciding whether to uphold these orders or allow the plan to proceed.
Some federal student loan forgiveness plans are currently in place, including Public Service Loan Forgiveness (PLSF) and Teacher Loan Forgiveness (TLF). Eligible students will have some or all of their federal student loan debt forgiven upon successful completion of requirements.
Meanwhile, Marvin has some tips to help students borrow wisely and repay their student loans as quickly as possible.
“Borrow only what you need and nothing more,” she says. “For example, if you’re eligible to take out a loan for $12,500 per year but only need $8,000, there’s no need to take out a loan for those extra funds. Every dollar you take out in a loan will not only be paid back, but with interest.”
While students typically don’t have to start repaying their loans until after they leave their program, that doesn’t mean they must wait. “You can begin paying off your loans as soon as they’ve been taken out,” Marvin says. “If you make an extra few hundred dollars during a summer job or your parents get a big bonus from work, you can use that money to start paying off your loans while you’re still in school. Even paying off a few hundred or thousand dollars before finishing school can make a huge difference to those loan amounts post-graduation.”
Lastly, Marvin encourages students and families to be realistic about what they can afford, both in terms of out-of-pocket costs and loan amounts.
“If attending a certain pricy college is going to put a family into major debt and require potentially dangerous financial decisions, such as taking out a second mortgage on a home or withdrawing from a retirement account early, it may mean a hard conversation of choosing a different school,” she says.
How To Choose the Online College or University That’s Right for You
Step 1: Clarify what you want
There are many factors to consider when choosing an online college or university. It’s essential to have as much clarity as possible on what you want before beginning your search to find the best fit.
To find schools based on affordability, determine how much you or your family can pay out of pocket and how much you’ll need to be subsidized through loans, scholarships, and other funding avenues. Even if you need student loans to pay for your education, setting an overall budget can help you limit the total amount of money you’ll need to borrow.
Other practical considerations include scheduling and instruction methods. Now is an excellent time to determine if you prefer synchronous or asynchronous online classes and part-time or full-time enrollment. Consider your learning style and whether you should seek out programs that rely on autonomous teaching methods, like pre-recorded lectures and reading assignments, versus interactive programs with group discussions and hands-on learning experiences.
Clarifying your education and career goals is also helpful. What level of education will qualify you for the jobs you want? Does your intended field require a particular major or specialization? Will you pursue graduate study in the future?
With so many colleges to choose from, the more specific you can be about what you want, the easier the following steps will be.
Step 2: Research schools and programs
Having clear parameters will help you narrow your search among the hundreds of available online colleges available.
Regardless of personal needs and wants, all students should confirm that the schools they are considering are accredited. There are two types of institutional accreditation for schools in the U.S., regional and national. Regional accreditation is more common and more widely recognized, as their quality standards are more rigorous. A school’s accreditation (or lack thereof) can impact a student’s job prospects and ability to transfer credits to another school or pursue further education. Most schools publish their accreditation status on their website. You can also verify accreditation through the Council for Higher Education Accreditation’s online directory.
As you research schools and programs, the following questions can help you determine the right fit:
- What financial aid opportunities, including scholarships and grants, are available to online students?
- What fees does the school charge online students?
- How do online students interact with faculty, classmates, and staff?
- Does this school offer a quality academic program in the major I want?
- What type of support services does the school offer online students?
- What kind of networking opportunities do online students have access to?
In addition to visiting the school’s website, students can learn more by contacting the school’s admissions office or program representatives, following the school on social media, and attending in-person or virtual open houses and information sessions.
Step 3: Prepare for applications and tests
It’s also a good idea to dig deeper into the school’s application and admissions requirements during the research process. These can vary based on individual college and the specific degree or program, but generally speaking, an application for an online program consists of the following:
- Application form
- Official transcripts (high school for first-time freshmen or college for transfer and graduate students)
- Letter(s) of recommendation
- Personal essay
- Standardized test scores (SAT or ACT for undergraduate students, GRE or GMAT for graduate students)
Regarding standardized tests, students should be aware that an increasing number of schools are moving to test-optional or test-blind admission policies. Students should confirm school policies before signing up for standardized college entrance exams.
Application deadlines also vary by school. Some online colleges have rolling admissions and multiple start terms throughout the academic year, while others only enroll new students once or twice per year. Confirm application deadlines and submit all required materials by due dates to ensure you can register for your desired term.
Step 4: Select your program
Once you’ve conducted all your research and have a clear understanding of your options, you can select the colleges and programs to which you’ll apply.
How many schools you apply to is a personal choice. Some students apply to multiple schools to increase their chances of acceptance, especially if they’re applying to competitive schools or programs. Others focus on one or two schools based on cost, location, or program availability.
One thing to keep in mind is that most schools charge application fees, with the average fee costing around $45. Students should budget for application fees or determine if they’re eligible for application fee waivers from organizations like the College Board.
Step 5: Determine how you'll pay for your degree
Your research should also include speaking to financial aid counselors at the schools you’re considering to learn more about tuition, fees, and financial aid opportunities like scholarships and grants. Find out if students are automatically considered for all scholarships and grants or if there are specific application requirements.
If you still need to complete your FAFSA, now is the time to do so. Most schools will send students a financial aid package, including federal student loan eligibility, scholarships, and grants, with their acceptance or shortly after. It’s important to have as much information as possible about how much your program will cost and how much financial aid you’re receiving so you can make a well-informed decision about which online college you should attend.