Trap to Avoid: If you complete all of freshman year through CLEP or AP, you won't be eligible for the juicy freshman scholarships. While some scholarships are available for those entering as sophomores (typically, transfer students), they are usually much smaller.
Solution: Go ahead and take all the CLEP's you want, only take some of them after you are already enrolled in college. You may also just want to go ahead and take all the CLEP's you want while still in high school if the school you plan to attend is a community college, state university, or distance learning institution, where the price of a year's tuition is relatively inexpensive, or if the college of your choice gives out all or most of its scholarships based on "need" and your family income and asset level mean any scholarship you get will be small. As The College Board CLEP Official Study Guide 2000 says, "Unless told to do so, do not send your CLEP scores until you have been officially admitted."
Clep preparation
Getting College Credit