Classroom is the way to go
I would agree with the previous answer. I took a class that met once a week for three hours. It wasn't bad at all. Talking about boats with other people who love boating makes the time fly. If you decide to study at home, you will have to take the test at the Coast Guard, which I've heard is a grueling process. I believe it is an "all-day" test and you only have two chances a year to pass. The way my class with was set up was much easier. We were tested after each section (chart navigation, rules of the road, deck general) without having a huge test at the end. This helped you learn each section without having to rely on rote memory. Plus, having a licensed captain for an instructor was great because he helped put our applications together and organized our first aid/CPR class. They are not all the same. The one I attended was oriented for the marine environment. The standard Red Cross class doesn't deal with helicopter evacuation procedures or "fish hook in the eye" first aid. I would strongly recommend taking a captain's class. It's a lot of fun.