The World of Education

Is Now Your Oyster

This means that out of every 1000 UK people you meet -- 4 of them are attending the U.K.'s biggest online school, Open University.

In the United States only 1.6 people you meet out of every one thousand are attending the University of Phoenix, America's largest online university.

Both are whopping high numbers - but the U.K. (by students enrolled per capita) has the U.S. beat.

Why has the U.K.'s Open University met with such success? Is there less stigma surrounding online college in the U.K.? Is the cost stunningly low? Does the government back the Open University with free tuition? Why the .004 ratio as opposed to the United State's rate of .0016?

Is it simply that students have a wider range of choice here in the U.S. and Open University is one of only a smattering of U.K. online college choices?

Phoenix University's tuition is outrageously expensive. Let's take a look at the costs...

We compared the total cost of a Bachelor's degree in Psychology.

Phoenix University tuition -- $76,800 US or $46,796 GBP

Open University tuition -- $9094 US or $5540 GBP

Bingo. I think that sort of explains why Americans aren't jumping in with both feet to get their online degree from the University of Phoenix.

If you aren't in possession of $76,000 clams, the total cost rises to 106,000 US, to include the interest on your school loans. $29,000 in interest. You could buy three UK online degrees with the interest alone!

Here is the debt load you will have to deal with if you choose Phoenix University... (thank you to the FinAid.org student loan calculator.)

Loan Balance: $76,800.00
Adjusted Loan Balance: $76,800.00
Loan Interest Rate: 6.80%
Loan Fees: 0.00%
Loan Term: 10 years
Minimum Payment: $0.00
Enrollment Status: In Repayment
Degree Program: Bachelor's Degree
Total Years in College: 4 years
Average Debt per Year: $19,200.00

Monthly Loan Payment: $883.82
Number of Payments: 120

Cumulative Payments: $106,057.88
Total Interest Paid: $29,257.88
Note: The monthly loan payment was calculated at 119 payments of $883.82 plus a final payment of $883.30.

It is estimated that you will need an annual salary of at least $106,058.40 to be able to afford to repay this loan. In case you are wondering what the average salary for a psychologist is - the median salary in 2010 was $89,900. The 75th percentile was hmmm...$106,090.

That means you will have to land a job right out of school that pays more than the top seventy-five percent of all psychologist's jobs available. With no experience. And with only a measly Bachelor's degree. A Master's degree (essential in the field of Psychology) will set you back another hundred thousand.

Please, pass the smelling salts... I feel faint. 500,000 lambs to the slaughter. Every year.

You have got to be freakin' kiddin' me. Does anyone else see the absurdity here?

Why are the British students rioting?

Via: OnlineEducation.net