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Posted as a follow-up to "Student Loans are the New Indentured Servitude" (http://news.ycombinator.com/item?id=877896) - happy to answer your questions, based on my research for this post.

You can find part 1 of this series here: http://personalmba.com/hacking-higher-education-clep/

The moral of the story: if you’re going to go to college (and you might need to), be a smart student – find a better way to get what you need as quickly and as inexpensively as possible, avoid debt, and never pay retail.