Abstract This study was set to identify self-regulation skills required for online learning and to characterize cognitive transfer of on-campus and online students. The study included two groups of undergraduate students who studied the same course, but in different settings: online and on-campus. Data collected via an online survey and semi-structured interviews indicated that cognitive strategies and regulation of cognition are significant for successful online learning. Findings also indicated that the online students were more aware of mastery learning and information processing strategies than the on-campus peers. The online students specified the importance of planning, controlling, and evaluation skills for meaningful learning; whereas the on-campus students asserted lack of self-discipline and limited communication skills as barriers for distance learning. Near- and far-transfer components were identified, showing a significant positive correlation with self-regulation skills for both groups of learners.