“Online learning is not the next big thing, it is the now big thing.” – Donna J. Abernathy
Technology has seeped into the being of every industry, including the education industry. It has changed the course of this industry. Online education has become a great alternative to the old education system. Learners are pursuing online learning for a variety of reasons like flexibility, economical prices, diversity, scalability, and quality education. It has not only benefitted the learners but also the institutions that are offering these courses.
Financial Benefits for Students
If we look into reality, we know that getting a good education puts a lot of financial burden on people. Through online education, students can get quality education clubbed with numerous economic benefits. It has the power to reduce costs and make education affordable.
- Affordable Tuition Fees: Tuition fees are much lower for online courses than for similar offline courses. Online education gives institutions the option of scalability, leading to the enrollment of a large number of students, which in turn helps reduce tuition fees as well.
- Also, as all the reading materials and resources are available online, the need for physical books and materials is reduced. This is a huge reason for a reduction in tuition fees. For instance, an MBA degree from a good college will cost you a whooping INR 20-40 Laks or even more, while you can earn an equally valuable MBA under INR 1.5 Laks from a reputed online MBA college.
- Reduced Commuting and Living Expenses: Online education provides the flexibility of attending the course from anywhere in the world. It allows a learner to a campus; their physical presence is needless to attend the classes. This is an excellent opportunity for learners from rural areas or tier II or tier III cities. They can attend online classes at the click of their finger. All they need is a device that has access to an internet connection.
- Because one can be anywhere they want and is not restricted to on-campus hostels and residences, they can avoid the enormous living costs. Living costs include rent, food, services, and other miscellaneous expenses. Online education has significantly helped in reducing the overall expenses for learners.
- Unparalleled Convenience: As we have already discussed, online education allows us to continue the course at our own pace and our daily schedule. Because one has this convenience, individuals can continue their education and employment. Unlike traditional education, this is an excellent opportunity for them to continue their education with the financial burden.
- Less Financial Burden: Traditional education, as we know, is pretty expensive, and people have been incurring huge debts to pursue their post-graduation studies. But online education acts as a great alternative to traditional education and comes at half or rather less price. Some ed-tech companies collaborate with universities and also offer scholarships to underprivileged students. Some institutes also provide the option of monthly installments, reducing the financial burden significantly.
Financial Benefits for Institutions
Institutes that offer online education also are at a beneficial stand. Physical classrooms need infrastructure, amenities, limited seating, etc.
- Reduction in Infrastructural Cost: Institutes can reduce operational costs by offering online education. They don’t have to have physical classrooms, campuses, libraries, hostels for students, messes, and the required human resources. Institutes can save these costs and invest them in quality online curricula, teachers, and the technology required for them.
- Increased Scalability: Through online courses, institutes can enrol students in large numbers compared to the traditional offline system. The traditional system has more seating limitations, limiting the institutes’ profits. This will also lead to offering a variety of courses to the students.
- Effective Optimisation of Resources: Institutes can effectively optimise their resources through online education. They can streamline their delivery of online courses through an LMS portal, which will lead to efficiency in the delivery of education.
Overall Impact on the society
Online education has changed people’s outlook towards quality education. They are not afraid of it and also do not consider it a financial burden. Employees are adapting to the rapid shift in the job market by upgrading and upskilling themselves. This gives them an edge over the others in this highly competitive and demanding market. Online education has also led to diversity in the workforce, where more and more people are pursuing their passions.
Human beings should never stop learning and always stay curious. Lifelong learning is a process that gives us the knowledge we need to flourish in our careers and personal lives.
Online education has also helped students from rural areas to achieve their dreams and goals. It has helped them get the right skills and training which led to better employability, new start-up opportunities, etc.
Conclusion
There are many financial benefits to online education. It has enabled students and institutes to reap its benefits, such as reduced costs, tailored learning programmes, better flexibility, and convenience. Technology has reduced huge financial burdens for both the learner and the institutions. With the rapidly shifting ed-tech industry, we will have better opportunities and advanced technologies that will further help us reduce the economic burden.
