Because informal learning accounts for 75% of a person's total life-long learning (Source) and undergraduate students generally spend less than eight percent of their time in a formal classroom (Source), college credit should be given for informal learning experiences.
What should students get credit for?
- Industry projects/consulting
- Learning a new disciplinary skill: Using it for a project or teaching to others
- Series of popup classes/design challenges
- Travel based learning
- Self-directed curated playlists
- Prior learning before beginning college
A portfolio should be the primary documentation that potential employers request instead of a transcript.
An example of this can be found at UMUC.