Published January 2013. Financial aid and student loan rules change often, so some details may be out of date. Ask us about your situation.
In an attempt to score a more affordable education, students have increasingly been turning to the internet, where they can take free courses from accredited professors from numerous schools in an online classroom setting. However, not all of these websites are offering an affordable path to a college degree.
An analysis on this phenomena in The New York Times has found that websites offering a collection of courses from professors across the country have taken off at a faster pace than even Facebook and Twitter. Coursera, one of the first online course providers introduced back in 2012, had more than a million users after only being live for four months.
This site was founded by two Stanford University computer science professors last August and offers more than 200 courses from educators at 33 elite colleges. On an average day, the site gets 70,000 hits from students looking to expand their knowledge in a wide array of subjects, from songwriting to Roman mythology.
Although the education is free, the credits that students earn from taking classes on this website are not transferrable. Some schools do have online courses for students already enrolled at that particular institution, but Coursera and other collaborative websites similar to it have yet to provide the free path to a college degree that many students hope they will.
According to The Times, Coursera is currently looking to have certain courses offered on its site approved by the American Council on Education (ACE) for transfer credits, meaning students would be able to take some courses through the website for free and still earn their degree. Until the ACE approves the program, however, students will need to continue relying on traditional pay models to get a diploma.
College Financing Group has experienced financial aid consultants on hand who can help students find an affordable way to earn their degree.