Advice is given to the individual college about three main kinds of variables to take into account in analyzing all the economic effects of programs for awarding credit to students in recognition of prior learning: process variables, student variables, and institutional variables. (Author/MSE)

Following a literature review, this article analyzes the financial impact of credits for experiential learning on a major midwestern university. Both students and the institution appear to have benefited economically. Questions are raised concerning who should benefit from publicly supported education--students, society, or all three. Includes 28…