The objective of this paper is to compare the
average annual and total cost of obtaining a university degree in three
different universities: an Open and Distance Learning university serving
lifelong learning purposes and two conventional universities in Greece. Our
findings show substantial differences in average annual costs (per student)
among these three universities with the Open and Distance Learning University (Hellenic Open University-HOU) having
both the lowest annual average private and university cost. Consequently, HOU
has the lowest average social cost.
Moreover, comparing the total private cost for obtaining a university degree,
the lowest cost is in the HOU despite its longer period of studies. This raises
expectation to perspective students of HOU for higher rates of return after
graduation. A similar pattern, also, holds for the social cost showing that HOU is socially cost effective. Clearly,
our findings suggest that an Open and Distance Learning University that serves
lifelong learning purposes is a cost effective investment in creating human
capital privately and socially.
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