I’m a huge cheerleader for CLEP. It is a great way to save money.
More importantly, it can save you a lot of time. I’ve never understood the need to basically take the same class 1, 2 or even 3 times through high school and college. CLEP allows you to take the class at a lower level and then demonstrate that knowledge for college and avoid the wasted time and money taking a class again at the university level.
I took and passed several of these classes. At one employer, I convinced them to shift their academic policy to allow for CLEP exams to be reimbursed the same as traditional college courses. They are much cheaper and in many cases, allow you to demonstrate that you have the required knowledge of the course.
(Sidenote: I am convinced that much of our education system is radically flawed. For many college-level courses there is no justification for the brick-and-mortar system of attendance, traditional study and testing. If you can prove that you know the subject matter, you should be able to get credit for it, regardless of how you have learned it. To insist otherwise is intellectual snobbery, in my opinion. Requiring tedious traditional classroom presence is more of an adherence to sheer methodology and perpetuation of the previous educational model.)