In several classes we talked about "Fake" online colleges. There's a term for that! They are called "diploma mills" and they are not accredited. That means that your credits won't transfer to any other colleges, and that your degree at the end will be worth about as much as a merit badge and a pat on the head.
However, there are many online degrees available that ARE accredited. Here's a list: http://www.degreejungle.com/rankings/best-online-colleges
Good online universities have been approved by regional accreditation boards and those credits will transfer and you'll end up with a real, actual diploma. Yaay!
But beware! Even though these REGIONALLY ACCREDITED online colleges may give you a degree, there is still a bias with employers AGAINST online degrees. Regardless of the quality of the education, if an employer thinks online degrees are junk, you won't get hired.
So, buyer beware.
Wiki food for thought: http://en.wikipedia.org/wiki/Online_degrees
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