"A Dream Derailed? Investigating the Causal Effects of College Closure on Student Outcomes" is the second of three planned novel reports from a collaborative research team of State Higher Education Executive Officers Association (SHEEO) and the National Student Clearinghouse (NSC) Research Center, seeking to quantify the impacts of college closures on students' subsequent postsecondary enrollment and completion outcomes and to identify the policy levers states may have to support students who experience a closure. This second report builds on the foundation established by the first report to provide estimates of the impacts of closures on student outcomes. It includes a matched sample of students who did not experience a closure as a comparison group for determining the direction and strength of the associations between closure and student outcomes such as enrollment, persistence, and completion. A forthcoming third report will incorporate the state authorization policy context to ascertain if policy interventions can ameliorate the negative impacts of closures on students. [For the first report, "A Dream Derailed? Investigating the Impacts of College Closures on Student Outcomes," see ED627227.]