CLEP Credits and Financial Aid

I have a question. If one takes enough CLEP credits to satisfy the requirements of several freshman and sophomore years at a local university, does one still qualify and recieve the financial aid approved by FAFSA? Or does the school deduct the cost of tuition that the credits satisfy?

I was thinking of charging my CLEP exams on my credit card and hoping to get reimbursed with my school refund check when I enroll.

 

Your payment idea will work, that's pretty much what I did for my CLEPs. I took $ out of my savings, and then "reimbursed" myself when my Pell Grant funds were distributed to me.

Your financial aid is arranged with the college, so the CLEP exams should have no bearing. In other words, if you will still be an enrolled student, you can still apply for aid. Aid will be done per year, not per 4 years, so there won't be a "deduction." For instance, you might be looking at a page telling you it will cost $100,000 total for your degree, but that's not how it's billed. You'll fill out a FAFSA every year, and every year that you are enrolled in an undergrad program meeting the requirements of enrollment you will qualify.

You are asking if taking CLEPs will reduce the cost of aid, but the better way to ask it is if it reduces the cost of tuition. The answer is yes, because you'll graduate sooner. It shaves years and cost off of your degree by completing 100/ 200 level "courses" before you start. Hope that helps!

PS pay off those credit cards, otherwise you'll have saved nothing cost-wise!

 

Thanks for the reply!