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Associate: a two-year program that either leads to a specific vocation or transitions to a bachelor program. Bachelor: a four or five-year program where students earn credits in a wide variety of courses.

Masters: two-year degree providing additional specialization. Doctorate: five to eight-year program certifying the student as a trained research scholar and/or professor.

Gender and location are other variables that can skew an average salary. Men claimed to earn between $51,396 and $123,056, while women made between $42,891 and $99,488. California had the highest paid MBA graduates with a median salary of $99,947

Colleges offer only undergraduate degrees while universities offer graduate degrees as well, but the terms are often used interchangeably.

Colleges and universities that offer online degree programs typically will be cheaper than going to a traditional brick-and-mortar university for a variety of reasons. For many schools that solely specialize in offering online degrees, they have fewer expenses to incur.

To qualify, students must fulfill these conditions. Submit a completed Free Application for Federal Student Aid (FAFSA) form demonstrating financial need. Pass the General Education Development (GED), High School Diploma or approved test. Registration with the Selective Service program.