Studying online is a great way to prepare for the IELTS exam and allows you to prepare from home. There are many resources available to you, including online tutoring.
When I am preparing a student for the IELTS exam, I recommend they practice as much as possible and to find practice materials from a variety of sources. One great resource for IELTS practice would be podcasts from NPR or the BBC. These will give you opportunity to practice your listening skills as well as help in the writing portion of the test.
I have been working on some IELTS Test Preparation Tips
and links to other IELTS resources. Take a look at it and let me know what you think.