The College-Level Examination Program® (CLEP®) is an exam program consisting of 33 exams in five subject areas that typically correspond to single-semester courses, but some correspond to full-year or two-year courses. CLEP exams offer students the opportunity to receive college course credit for learning that has already occurred outside of the traditional college classroom. The current research provides a necessary step in understanding the relationship between receiving course credit via exam scores and important postsecondary outcomes by examining whether differences exist between CLEP and non-CLEP students on postsecondary performance outcomes. The study examined data for matched samples of CLEP and non-CLEP students from a large, diverse state in the southeastern United States. Overall, CLEP students graduate sooner, enroll in fewer semesters, graduate with fewer credits, and have GPAs higher than non-CLEP students, when controlling for demographics and prior achievement. Generally, the differences between CLEP and non-CLEP students were more pronounced for students receiving associate degrees than for students receiving bachelor's degrees. CLEP students also tended to perform better than non-CLEP students in subsequent English courses. There were no differences for subsequent math course performance. An appendix contains three additional tables with descriptive statistics.