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Forbes Advisor’s list of the top online colleges highlights affordable tuition across the board. For those who turn to this list to help guide their college application decisions, here’s how you can save on college tuition and reduce debt.
The Colleges That Top the List
Forbes Advisor’s best online colleges list evaluates over 3,600 higher education institutions on affordability, credibility, student outcomes and student experience.
The University of Central Florida, Florida State University and City University of New York’s Lehman College topped our list.
Topping the list, the University of Central Florida offers more than 130 online programs, including 34 bachelor’s degrees focusing on business and management disciplines, social sciences, public service, healthcare and the humanities.
In second place, Florida State University boasts an impressive student retention rate of 96%, an overall graduation rate of 83% and is the alma mater to many Pell Grant recipients who graduate at a rate of 82%. FSU also offers a flexible combination of asynchronous and synchronous course options for working students.
CUNY’s Lehman College students graduate with the lowest median federal student debt at $10,950, as well as the smallest student population to take out loans (3%). Lehman College also offers flexibility for working students, with asynchronous class options available.
Tuition Is No Joke
You don’t need to be a financial aid officer to know that affording tuition these days is no easy feat.
According to the Education Data Initiative (EDI), the average annual cost of tuition and fees for the 2024-2025 academic year is:
- In-state public four-year college: $9,750
- Out-of-state public four-year college: $28,386
- Private, non-profit four-year college: $38,421
Over the course of four years, the EDI estimates the average cost of attendance for a student living on campus at a four-year institution to be $108,584 for an in-state public school, $182,832 for out-of-state students and $234,512 for students attending a private, non-profit institution.
If you’re a parent planning for your child’s college expenses, time is your greatest ally. 529 plans are tax-advantaged accounts that allow you to save for your child’s education.
Nearly every state offers its own 529 plan with its own set of benefits. For example, the New York 529 Plan allows parents to deduct up to $5,000 in New York State taxable income per year as an individual and $10,000 per year as a married couple filing jointly.
If you’re an incoming or prospective student without a 529 plan, don’t feel discouraged. There are plenty of ways to fund your education. Research potential scholarships you may qualify for. Complete the Free Application for Federal Student Aid (FAFSA), which can open the door to financial aid from your school as well as federal and state aid. Federal loans tend to have the most flexible repayment options, lower interest rates and stronger borrower protections.
Once you’ve exhausted your federal loan options, you might consider private loans, which may offer fewer benefits and more restrictive options.
When choosing a private loan, take a thorough look at the terms and conditions, as interest rates can vary widely. Ascent, for instance, is a strong private option as they offer payment grace periods of nine months, forbearance for up to 24 months and a fixed APR starting at 2.89%.
Bottom Line
Attending an affordable online college can put you ahead of the curve, but tuition may be a barrier for many. When selecting a college, weigh your loan options and consider attending a school that meets your career goals without breaking the bank.