A cost/benefit analysis of the assessment of experiential learning was performed at Webster College, Missouri. An undergraduate and a masters degree program were studied; the costs of evaluating experiential learning were compared to the costs of traditional college programs. Total costs for experiential learning assessment were found to be significantly less than the costs for conventional classroom instruction. Furthermore, unit costs decreased as the volume of assessment increased. It was also concluded that the evaluation of the relative benefits of assessment programs should be made within the context of long-range institutional goals. This model will probably be most useful to private colleges that are faced with changing clientele and that have the capacity to attract older students. (Author/MV)