In this study, an e-learning platform was formed to enable school teachers and administrators to attend graduate programs in the field of educational administration, supervision, planning and economics. In this framework, for the non-thesis educational administration, supervision, planning and economics graduate programs to be conducted in the Institute of Educational Sciences in Anadolu University with using the e-learning method, cost of technical infrastructure for e-learning method, unit costs of students attending a program, cost advantage per credit and time advantage between e-learning and formal education were calculated. In addition, profitability of educational investment in e-learning and application of e-learning were discussed. A descriptive research method is used in the study. Research universe is the students, attending educational administration supervision planning and economics graduate program in Anadolu University’s Institute of Educational Sciences in the 2003-2004 academic year. Universe but not sampling, was used as the research universe in this study. In evaluation and economic analysis of the e-learning model, inflation rate and risk free rate of interest variables are used as the main variables. The value of annually compound rate of nine months Treasury bill (29.90 %), opened bids on November 4, 2003 was used as the risk free rate of interest in the economic analysis. In the economic analysis of the non thesis web based application model of educational administration, supervision, planning and economics program as an educational investment, five year present values of discount rates were calculated according to the %29.90 discount rate value for determining incomes and variable expenditures. Findings of the study can be stated as follows: Unit costs per students for e-learning method is lower than formal education. e-learning method provides cost advantage per credit. Due to the absence of fixed costs from the beginning of the second academic year, total incomes are larger than total expenditures which makes investments in e-learning graduate program profitable. The e-learning method is also found to be time saving when compared to formal education.
E-learning, Cost, Education, Turkey, Open Education Faculty.