How far do you commute to graduate school?
Indeed, it matters if it is just a course-work based program or if it requires research, lab work, etc. 

You'll need to check with your program to be sure what's expected of participants, and if you reach out and contact an enrolled student (or if their admissions office has a student they could direct you to for such questions) you can ask them for their experience of "what it really takes", and what options you have.

For one example, all around the USA there are "weekend {MBA/etc}" and sometimes "executive" programs. These are designed precisely for people like you, people who are working full time during the week, who live far out of town, etc. 

The first step is determining what is really needed - is that one day all you really have to be there for, in person? Are there demonstrations, oral reports, projects, group meetings, etc, that must be done on any other day of the week?

To continue with this answer, we must assume the answer is "yes, the program really only requires you to be here Saturday, and everything else can be done at your home, email, web, etc". 

As a matter of my experience, I have not done this myself, but I've worked with about 4 people who were doing exactly this. They would finish their work on Friday, commenting about how they had a long drive ahead of them. If they had a morning class some would go down on friday night, stay in a hotel (or couch surf, or stay with a friend/family), and then go to their classes. When they were done they'd drive home and be there in time for dinner.

Some others drive down early on Saturday, did class, and drove back all in one day. This is doable - they were doing 3 hours each trip, so 6 hours of driving in one day. But I must warn you - according to psychological/cognitive research, people do not habituate to commutes of this length. If you find a way to enjoy the drive as an experience, like your chance to listen to audio books, loud music, be by yourself to meditate and think, etc, then that's fine. Most people just always hate it - it's one of the few things we, as human beings, suck at just getting use to.

In the experience of my coworkers, none of them liked the drive. But in the case of all of them, they decided that the unpleasantness was worth it because their degree was important to them, and all it cost them was a chunk of their weekend. They didn't like it, they always looked a bit down to have to make the drive the next day, but they did it anyway. Another coworker stayed with family/friends and stayed the whole weekend, driving back Sunday night. 

My father was actually going to do this for his PhD in English Literature, but found 1.5 hours back and forth while working 50-60 hours entirely too unpleasant, and stopped before even really starting it. Your value and personal situation - and how you handle long stretches of time in the car - will heavily influence your experience.

In short, "Your Mileage May Very". There is no "too long" or "too short" to commute. Commutes suck. As humans, we universally tend to hate them, especially while driving. As a personal note, I've found that anything over 20 minutes per day (if every day) starts to wear on me, and anything over 45 minutes is very displeasing (unless I'm on public transportation, which I find relaxing and can easily do double the time). Meanwhile, some people drive an hour and a half and just "deal with it" temporarily. I find road trips for 3 hours ok, but the ride back is rough even if I did very little that day, and I spend most of the next day tired. You'll kind of have to find this out yourself - might I suggest some trial runs to scope out the campus?

Finally, you could also try to find creative solutions, which will depend on your personal situation. Some couples, if they are both off during the weekend, will travel together and one will go to school while the other has a Family Fun Day. Since this is almost always done on trips to a larger city than one lives in, there are often museums, parks, movies, etc. This can be anywhere from relatively cheap (pack a cooler and picnic, choose low/no cost fun things to do) to prohibitively expensive.

As to online classes, that really is a separate question you might want to search for, with lots of good answers all over. To give you an executive summary: it depends on who you ask - but some people say they worked for them just fine, and there are some people who give them no value. What percentage of hiring decisions will consider them a negative? No one seems to offer good data, and I'm aware of no quality comprehensive studies for any area of degree. Education is strictly "let the buyer beware" in the USA, with little exceptions. (They are starting to crack down on some aspects that involve federal student aid, but only on the worst offenders.)