This paper, a subset of a larger experimental longitudinal study, compared students' perceptions over-time of an e-learning environment. This paper includes an investigation of eight beliefs corresponding to three main categories; course activities, interactions with instructors, and interactions with other students. Both face-to-face and online students' perceptions were measured over eight years, in a course designed using Chickering's Seven Principles of Good Practices and the constructivist approach to course activities. The study found that there was a change over time in students' perceptions and that the students included in the study were satisfied with course activities and interactions with other students. Additionally, the data indicates that online students believe faculty have high expectations and are available to interact, communicate, and present quality feedback to students. The findings of the paper support the opinion that in order to ensure a return on student's online education investment, colleges and universities should consider following research-based validated frameworks and benchmarks during the planning, designing, delivering, and assessing of online education. The success of an online course depends on effective course design using a student-centered model, delivery, and assessment.