Crunching Numbers: Is Online Schooling Lighter on Your Wallet?

Category: Recommendation

In the wake of the pandemic, the education sector has witnessed a significant shift towards online learning and hybrid models. This article aims to delve into the key differences between online education and traditional education, with a special focus on the cost aspect.

As we navigate through this exploration, we will shed light on how online learning platforms operate in India and provide insights into the financial implications for parents and stakeholders.

Understanding Online Learning Platforms in India:

Online learning platforms offer a flexible virtual learning space, allowing students to study, complete coursework, and attend classes from their preferred locations. With international accreditations, online schools are gaining recognition and adoption in India, aligning with the National Education Policy 2020.

Key Differences: Online Education vs Traditional Education

Market Trends and Growth in Online Education:

The online higher education market in India is projected to reach 40.63 billion by 2024, with a compound annual growth rate (CAGR) of approximately 40.74%. Similarly, the online supplemental education segment is expected to reach 123.65 billion by 2024, exhibiting a CAGR of around 46.48% between 2019 and 2024.

Cost Comparison: Online Education vs Traditional Education

To assess the affordability of online education compared to traditional education, it is crucial to examine the direct cost implications for parents. Traditional schools incur various costs, including admission, tuition, transportation, books, school supplies, additional tuition, edtech platform subscriptions, and examination fees.

Using data from a leading journal a detailed cost breakdown (approx.) for different age groups is presented below:

Potential Savings for Parents:

If one thinks school supplies, uniforms, bags, etc. are a negligible cost, here’s a quick reality check. After the pandemic school openings, there has been a noticeable increase in the prices of school supplies. This hike is almost 20 to 40% (as reported by a leading journal).

By opting for online learning, parents can potentially save on various costs associated with traditional education, including admission fees, transportation, extra books, uniforms, stationery, physical education and gym kits, and other miscellaneous expenses.

What does an online school offer at an affordable fee?

Skill-Based Learning:

Online education prioritizes practical skills over mere classroom attendance. This approach ensures students are equipped with real-world capabilities, all at an affordable fee.

Safety:

Online learning platforms provide a 100% home-based education model, addressing safety concerns prevalent in traditional schools. Parents can trust that their children are learning in a secure environment.

Quality:

In tackling infrastructure gaps and teacher quality concerns, online education emerges as a cost-effective solution, delivering standardized and efficient teaching for an enhanced overall educational experience.

Key Considerations:

The comparison between online education and traditional education, especially in terms of cost, reveals significant advantages for parents considering online learning platforms.

An accredited online school has created a new and affordable alternative within the Indian educational landscape. However, all students have their own learning preferences. Clearly, there is no single paradigm that can support all types of students in a nation as massive as India. We hope this information enlightened you about an option that can release the financial pressure on your pocket!