This document discusses the benefits of prior learning assessment (PLA) for higher education institutions. It notes that PLA can help institutions meet President Obama's goal of increasing the number of college graduates by 2020 by allowing students to earn credit for knowledge gained outside the classroom. Research shows PLA participants are over twice as likely to complete degrees and do so more quickly. PLA benefits institutions by recruiting students with advanced standing, reducing costs, improving retention, strengthening partnerships with employers, and allowing competency-based assessment. The document advocates for PLA as a way to help institutions, students, and the broader degree completion agenda.