I want to teach American literature at the community college level. Is it possible to get a masters degree online and it actually be useful? Or do I have to go through a university?
It is possible for you find a valid degree for the major that you want on line. It would be better for [...]

http://www.usc.edu/dept/publications/cat2009/schools/engineering/petroleum_engineering/courses.html
is a link that offers something that you might be interested in. I dont know if they have an online version
You could of course try searching the web.

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There are so many online universities out there like Kaplan Uni and Uni of Phoenix. Will good companies accept degrees from these schools?
Definitely select an established university that happens to offer online degrees - such as Penn State or University of Texas - as opposed to one like Kaplan or Phoenix known primarily as correspondence [...]