If by "non-formal" you mean the same as what is sometimes referred to as "a non-traditional education," then there are numerous benefits.
One benefit is that you can get your workplace, volunteer or military experience translated into college credits.
Another benefit is being able to study for CLEP exam, AP exams, or other such exams outside of the classroom and to get college credit for your knowledge.
While you still have to pay fees for the exams and fees to have the credit put on your transcripts, you can learn at your own pace and don't have to wait around for average students and their average student pace.
One drawback is that non-traditional means of accumulating college credit require a person to be very organized, persistent, and consistently goal oriented.
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