Two studies investigated the effects of earning college credits for freshman year courses--as a result of performance on the College Level Examination Program's (CLEP) General Examinations--on later academic success. These are multiple choice tests of English composition, social science, natural science, humanities, and mathematics. Both studies compared students receiving credit as a result of CLEP performance to students not receiving CLEP credit. In Study l, students from five Florida community colleges were matched according to Florida Twelfth Grade Test Aptitude scores. The graduation rate of CLEP students was much higher than that of the non-CLEP group, and the CLEP grade point average was higher. The non-CLEP group generally required more time to complete the 2-year program. Study 2 compared groups scoring in the same percentile rank on the CLEP; however, some were given credit while others were not, as a result of changes in the cutting score used as the criterion for granting credit. Although the non-credit group had higher community college grades, the percentage of graduates from each group was not significantly different. No significant differences were found in graduation or grades when those students went on to 4-year universities. The author concludes that awarding of CLEP credit does not harm the undergraduate performance of motivated, able students. Recommendations for continued use and study of the CLEF were made. (Author/GDC)