For men, CLEPs may be the only alternative, since lots of Mesivtas don’t offer AP’s because they want the bochurim to stay focused on learning, not college credits. That’s what a Rosh Mesivta advised me.
My son is now doing an advanced degree from TTI, he clepped his way through a big part of the undergrad process while learning FT. Does he know as much in his CLEP subjects as someone who took the course at a “regular” college? Possibly not, but he got a good mark got his degree, so ultimately, who cares?