How to save money on your college education, part II

Posted Apr 12th 2007 12:34PM by Kevin Shult
Filed under: Products and Services, Consumer Experience, Personal Finance

In this multi-part personal finance series, readers will learn various ways to help save money for a college education, from off-the wall-scholarships and 529 programs to the right time to refinance your loans. Parents and students alike who read this series will find something to help reduce the costs of a higher education before, during and after it takes place.

Part II: The CLEP

To earn a Bachelor's degree at my university, I was required to take a minimum of 8 credits, or two seminars plus labs hours, of a foreign language. If you knew me at the time, you knew I had enough trouble with my own native language -- English (seriously). Not wanting to sit through a whole year of Spanish, for which I quickly calculated the approximate time wasted (104 hours including lab time), I tried to find a way out of wasting this valuable time.

All it took was one phone call to my adviser. His answer: "CLEP it."

I was just as confused as some of you may be right now. What does "CLEP" mean? Well, CLEP stands for The College-Level Examination Program. In layman's terms, you can get college credit if you take (and pass) one $60 test.

I suddenly felt a weight lift off my shoulders. If I could pass this one test, in a mere few hours of my precious time, I could earn actual college credit -- and the possibility of getting out of a year's worth of foreign language!

I told the man to sign me up.

It's about that easy folks.

Around 2900 colleges and universities accept college credits from CLEP. Exams are normally 90 minutes long and subjects vary from American Literature to Biology to Spanish. There are even CLEPs for military personnel.

Now keep in mind, CLEPs aren't a piece a cake, so you're going to have to study (for an explanation of "studying," see here and be sure to stay away from these). CollegeBoard, the makers of the CLEP, provides a free demo sampler online to practice taking the exam. When you know exactly what CLEP you want to take, it would be best to buy a subject guide.

Outside of CollegeBoard, there are plenty of other sites that could provide information on CLEPs:

The Research & Education Association has study guides with practice tests and CD-ROMs.

Spark Notes, a site created by Harvard students in 1998 that provides study guides, has a section geared towards CLEP's.

InstantCert Academy provides a "100% online crash-course study materials" for CLEP exams, for a small price.

If you haven't figured it out yet, the CLEP can save you massive amounts of money. My Spanish CLEP earned me 3 credits in 90 minutes and it was only $60. My university charged $175 a credit (that's $525 for the class + a $50 lab fee). In the end, I saved nearly 90%, or $515!

Are you scheduling your CLEP yet?

Tags: batchelor's degree, Batchelor'sDegree, CLEP, college, education, exam, money, personal finance, PersonalFinance, savings, scholarship, school, university