The formula to calculate the Cost Per Credit Hour is:
\[ CPCH = \frac{TC}{CH} \]
Where:
Cost per credit hour is a financial metric used in higher education to determine the monetary value associated with each academic credit taken by a student. It is calculated by dividing the total tuition and fees for a specific academic program or course by the number of credit hours it entails.
Understanding the cost per credit hour is crucial for students and their families as it directly impacts the overall expense of pursuing a degree. By knowing the cost per credit hour, students can estimate the total cost of their education based on the number of credits they plan to take per semester or year.
The cost per credit hour allows students to make informed decisions about their course load and academic progression. It helps them assess the financial implications of taking a certain number of credits, allowing them to plan their budgets accordingly. By weighing the cost per credit hour against their financial resources, students can select a manageable course load that aligns with their financial capabilities.
The cost per credit hour assists in comparing the financial value of different academic programs or institutions. Students can evaluate the costs associated with different courses or majors and make informed decisions about where to pursue their education based on affordability.
Let's assume the following values:
Using the formula:
\[ CPCH = \frac{15000}{30} = 500 \]
The Cost Per Credit Hour (CPCH) is $500.
