Schoonertrash makes several good points.

The cost of my upgrading from a 100-ton Near Coastal w aux. sail and
commercial assist towing to a 500-ton Oceans Master/1600-ton Oceans Mate
with STCW '95, MCA Class IV (to Captain "Red Flag" or British Vessels),
Mashall Island and Cayman Islands Licenses was $14,000 and 4 months of
continuous study. A student in the same class queue as I who had zero
sea-time ended up spending $18,000 to obtain an OICNW (Officer In Charge of
Navigation Watch) which allowed him to accumulate sea time for his 500-ton
Oceans (at the current time requirements). Simply, the longer you wait, the
more modules they add to the requirements (advanced meterology, light
signals, flag signals, etc.), the higher the cost, increased time to obtain
the license, and more pressure to pass the first time.

With increased bureaucracy and commercial interests, the cost of
obtaining/upgrading/maintaining your license is getting more expensive. The
days of $140 renewal fees (plus the physical and drug test) for a 6-pack or
50-ton license are a far cry from maintaining an Inspected Vessel license
class with appropriate endorsements (currently around $500). The good thing
is that owners and companies are beginning to see that higher class licenses
cost more to maintain and are beginning to compensate mariners. Insurance
companies, stung by stupid navigational mistakes and poor seamanship are
requiring more stringent manning levels aboard vessels.

Finally, what was good on your old application may not be good now. A number
of mariners have had sea time disallowed on their renewal due to lack of new
documentation requirements or the inability of the USCG to contact the
referenced Master/Owner.