The formation, organization, philosophy, and structure of Delaware County Community College's program for assessing prior experiential learning are described. The financial model requires the student, the state, and the local sponsor to share in the cost of this evaluation, in the same proportion as they do for traditional college programs. Faculty are compensated for their time on a contact hour basis, according to the number of credits sought by the students, rather than the number of credits awarded. The cost of assessment is shown to be approximately one-fourth the cost of traditional course work, per credit hour. This model should be of general interest to both two-year and four-year public colleges. (Author/MV)