The purpose of the present research was to compare the college performance of three groups of Advanced Placement Program® (AP®) students who took the AP Exam and either earned course credit, did not earn course credit, or earned course credit but elected to take the entry-level college course to three groups of Non-AP student groups matched on SAT scores and high school rank in 10 AP subject areas. In addition, the performance of the AP groups was also compared to matched groups of students who were concurrently enrolled in a college course in the same subject area as the AP students. Students' records for four entering classes (1998-2001) at the University of Texas at Austin were analyzed. The college outcome measures included first and overall credit hours taken, first and overall GPAs, and subject area credit hours and GPAs. In addition, sequent course grades were analyzed in those subject areas where there was a required sequent course. The results showed AP students who earn course credit consistently outperform their matched Non-AP group on most of the college outcome measures. The findings also revealed AP students take significantly more credit hours their first year than the concurrently enrolled students. The results of this study support the generalization of previous research to the much expanded AP Program.