This document discusses the benefits of prior learning assessment (PLA) for higher education institutions. It notes that PLA can help institutions meet national goals of increasing degree attainment and the number of college graduates. Research shows that PLA helps students complete degrees more quickly and at a lower cost by earning credit for knowledge gained outside the classroom. PLA benefits institutions by helping with recruitment, financial management, retention, partnerships, and allowing competency-based assessment. It discusses how PLA can serve different student populations and positively impact institutions.