A high school education should ensure students are eligible for their chosen pathway of what comes next: college and careers, as well as civic life. To understand the extent to which diploma requirements denote eligibility for a student's chosen postsecondary pathway of choice, this report analyzes state high school graduation requirements for a basic, nonadvanced high school diploma. The authors organize their analysis into three main areas: (1) years of study required by subject matter for high school graduation and state college admission; (2) course type and sequence required by subject matter for high school graduation and state college admission; and (3) how high school graduation requirements stack up against measures of quality. This analysis finds that students can graduate high school having done well in their courses, but still might not have met the requirements to enroll in college because of the problem of misalignment. Additionally, because state high school graduation requirements do not meet the full range of quality standards--college readiness, career readiness, and a well-rounded education--even if the requirements are aligned to college entrance requirements, students might not be truly prepared for the next step. This report includes specific policy solutions to address the preparation gap.