Cleps Help Students Graduate With Less College Debt
CLEP tests can help students graduate with less college debt
. How important is this? The American Council on Education (ACE) cited a 2003-2004 National Postsecondary Student Aid Study that showed 58% of students getting a bachelors degree from a public institution accumulated an average debt of $14,671 by graduation. At private institutions 69% of students borrowed money for college, accumulating an average debt of $17,125. In other words, over half of all students borrowed roughly $4,000 per year to finance their bachelors degrees. Every CLEP test successfully completed by a student is an opportunity to reduce this debt burden. Even just one CLEP exam will save money, since the CELP exam fee is less than the cost of textbooks for many courses.
Assuming a student used CLEP exams to test out of classes totaling thirty credits, a typical academic load for the freshman year, that student would save an entire year of college expenses: tuition, room and board. The student would spend a fee of $72 per
CLEP test. Depending on the tests taken and the credit granted by a particular school, thirty credits would be equivalent to about six or seven CLEP exams. Even assuming a small amount of money spent for study materials, every CLEP exam is a bargain compared to a conventional college course. Additional savings come as the student graduates earlier than expected and is able to earn money and pay off the smaller loans made possible by CLEP. Only three years of interest will have accumulated by graduation time instead of four.
What of the student who only wants to take a few
CLEP exams? That student also benefits, since those course credits mean he can take a lighter academic load sometimes and use that time to work instead of borrow money. Any well-prepared student can benefit from CLEP in some way, since CLEP exams are available in so many subject areas: English, foreign languages, mathematics, natural sciences, social sciences, and business.
Taking
CLEP tests while still in high school will demonstrate to colleges that a student is serious about education and is capable of college level work. Having college credit even before college admission may also make a student look more attractive to those making important decisions about admissions, scholarships, or internships. Landing a scholarship of any size will also serve to reduce the amount of money a student needs to borrow.
Student loan debt is a major problem for many young adults who are just starting their careers. Instead of saving money for a wedding, a new car, or the down payment on a house, many new college graduates are struggling with student loan payments. Using CLEP to avoid student loan debt is a smart strategy that will enable a student to enjoy graduation, confident that student loans will not disrupt their plans for a prosperous future.
Reference:
2003-2004 National Postsecondary Student Aid Study, as cited by American Council on Education, http://www.acenet.edu/AM/Template.cfm?Section=Home&CONTENTID=12610&TEMPLATE=/CM/ContentDisplay.cfm
by: Speedyprep
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