University of Phoenix launches expanded Savings Explorer^® tool helping individuals understand opportunities to save time and money

New tool provides information of how transfer credit, work and life experience, and other savings opportunities can help students when beginning their program of study at the University

University of Phoenix announces the launch of a Savings Explorer® tool designed to help prospective students understand the opportunities to save time and money at University of Phoenix. The Savings Explorer^® tool presents information about scholarship opportunities, as well as transferring college credit and earning credit for prior learning through Prior Learning Assessment, national testing programs, alternative credit providers, and military service. By answering a few simple questions, prospective students can find out what other students with relevant experience have saved. 

There are currently about 39 million adults in the U.S. with some college and no degree. Additionally, a recent report found that during the pandemic, about 300,000 students who normally would have transferred, instead stopped their educational journey. For individuals who may have paused their educational plans, the Savings Explorer® tool offers a quick assessment to understand how they might be able to leverage their prior learning, work experience, and financial circumstances.

“At University of Phoenix, we understand our students are bringing their own life, work, education, and training experiences to continue their educational journey with us,” stated John Woods, Ph.D., provost and chief academic officer. “This understanding informed our creation of Savings Explorer® as a tool to support individuals in assessing, before they even enroll, the potential opportunities to save both time and money in order to quickly leverage their degrees and pursue their chosen career path.”

University of Phoenix offers generous credit transfer possibilities: credit transfers can cover up to 75% of a bachelor’s degree. On average, University of Phoenix students save $11,000 and eliminate one year off their undergraduate degree with eligible transfer credits and relevant work experience. Master's degree students can save up to nine credits and $6,800 off their degree.

“Last year, we worked with our students to evaluate their experiences and other learning for potential college credits,” shares Devin Andrews, vice president, Assessment and Evaluation. “The result was that students saved a total of $49 million in tuition and fees.”

While the transition between institutions can be complex, the University of Phoenix works to make the process of transferring credit straightforward for students:

• Simplifying the college credit transfer process: knowledgeable staff provide supportive guidance and academic advising, request transcripts from prior institutions on students' behalf, and specially trained transfer evaluators review all prior credit;
• Earning life and work experience credits: earning college credit for prior learning is an assessment process, offered at no cost, that allows individuals to demonstrate learning gained from work and life experience that may count towards a degree. The assessment includes evaluation of on-the-job training, workplace certifications, military service, and other life experiences.

Additionally, University of Phoenix offers the opportunity to apply for a Transfer Student Scholarship of up to $3,000, for new students with at least 13-60 combined transfer credits from accredited institution(s) pursuing their bachelor's degree at University of Phoenix. Applicants must be continuously enrolled and maintain a 3.0 GPA (Grade Point Average). 

Learn more and try the Savings Explorer^® here.

About University of Phoenix

University of Phoenix is continually innovating to help working adults enhance their careers in a rapidly changing world. Flexible schedules, relevant courses, interactive learning, and Career Services for Life® help students more effectively pursue career and personal aspirations while balancing their busy lives. For more information, visit phoenix.edu.