This is logical overall again with lesson number six credits as currency. What is money? Anything that is generally acceptable as payment for goods and services, or for repayment of debts is money. Without money, we would be bartering with each other. Imagine that a baker giving a window cleaner bread in sort of cash. extending this principle to the world of college.

The closest thing to money is college credits. credits that you earn for an in college stay with you. While you clearly cannot barter credits away, you can build up your credit balance and work your way through it. degree. This is a powerful concept. Us colleges do not insist that all of the academic work you do towards earning the degree must be completed at the college you eventually graduate from.

Many colleges permit you to study at other institutions or even online and allow you to transfer those credits to them under some conditions. In a sense, the credits you have earned are like currency. credit hour is a credit hour just like $1 is $1. The credits are yours to keep. But credits earned before you enter college are worth to you only if the college you intend to attend accepts them. Otherwise there will be a waste of time, money and effort because you have to repeat the same classes in your destination college.

Suppose you earn college credits in chemistry when In high school by taking an AP exam, we'll explain what this is in later modules. It cost you $83 in exam fees to do this, and of course, a lot of hard work throughout the school year. In college, assume the cost per credit hour is $450. So the three credit chemistry class would cost you 1003 50. If you are awarded a transfer of these credits, because of your AP exam, you have saved 1002 67. many school districts waive the AP exam fee, so your savings would be 100% the entire 1003 50 while colleges generally are open to accepting credits earned at other institutions, or when you're in high school, they generally have strict policies which govern the acceptance of those credits. In general, and approved transfer allows you to exempt out of an equivalent course the destination College offers The theory is that you have already demonstrated competence in the subject and there is no need for you to repeat the effort.

Credit transfers are generally handled by the Office of the Registrar at each college. The rules vary, but most common rules make sense. The summary is that the US has developed an advanced system in which credits can be seamlessly transferred from one institution to another if certain common sense conditions are met. As we will see in the next lesson, your credit transfer strategy is integral to lower and college costs. It is integral to college financial planning. If you have any questions or comments, please let us know.

Thank you