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Using system-wide data, this paper matches courses offered both online and face-to-face in an effort to understand the interwoven influence of delivery method, field/discipline, and student class (freshman vs. upperclassman). After analyzing 511,510 students across 16 institutions and accounting for a number of student and course-level variables, we find that in many academic fields there exists an online penalty, a penalty that may be exacerbated for freshmen. These results can be used to inform policy and decisions regarding mode of delivery for programs and institutions as well as point towards ways state systems may use data to drive e-learning policy.