A credit is a unit that gives weighting to the value, level or time requirements of an academic course.
United States
In the United States, a student in a high school or university earns credits for the successful completion of each course for each academic term. The state or the institution generally sets a minimum number of credits required to graduate. Various systems of credits exist: one per course, one per hour/week in class, one per hour/week devoted to the course (including homework), etc.
Europe
In Europe a common credit system has been introduced. The European Credit Transfer System (ECTS) is in some European countries used as the principal credit and grading system in universities while other countries use the ECTS as a secondary credit system for exchange students. In ECTS a full study-year normally consists of 60 credits. Grades are given in the A-E range, where F is fail. Schools are also allowed to use a pass/fail evaluation in the ECTS system. Similar systems are widely used elsewhere. Often the word "unit" is used for the same concept.
