University of Pennsylvania is offering a fully online undergraduate degree program.

[ss20ts]

Is there? Even so, there is also graduate-level ACE credit (not that most people can use it). I still say that the only reason why ACE credit isn't widely accepted is because it's not accepted for money reasons. I mean, most places don't accept (all) CLEP exams and CLEP exams are some of the most reputable and possibly the most regulated alt-credits.

Graduate level ACE? I've never seen a college/university say they accept ACE at the grad level. 

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Alas, American universities are more keen on growing their endowment funds than educating the nation.

For self-improvement, credits don't (really) matter. But where I'm wanting to use the money and time I'm expending towards a degree, RA credits have a better ROI.

Many schools don't have endowments. State schools don't. Many that do have endowments are actually not doing well financially. The endowment come with all kinds of stipulations about what the funds can be used for. Colleges are a business. You get out of it what you put into it.