This state report card is derived from "Measuring Up 2004," the national report card for higher education. Its purpose is to provide the public and policymakers with information to assess and improve postsecondary education in each state. "Measuring Up 2004" is the third in a series of biennial report cards. The report card grades states in six overall performance categories: (1) Preparation: How adequately are students in each state being prepared for education and training beyond high school?; (2) Participation: Do state residents have sufficient opportunities to enroll in education and training beyond high school?; (3) Affordability: How affordable is higher education for students and their families?; (4) Completion: Do students make progress toward and complete their certificates and degrees in a timely manner?; (5) Benefits: What benefits does the state receive as a result of having a highly educated population?; and (6) Learning: What is known about student learning as a result of education and training beyond high school? Findings for Iowa include: (1) Over the past decade, Iowa has made progress in preparing students to succeed in college. This year Iowa receives a B+ in preparation; (2) Despite a drop-off over the past decade, Iowa continues to perform well in enrolling students in higher education. This year Iowa receives a B+ in participation; (3) Over the past decade, Iowa has lost ground in making higher education affordable. Iowa receives an F in affordability this year; (4) Over the past decade, Iowa has shown consistency and excellence in the proportion of students earning a certificate or degree in a timely manner. That performance continues this year, and Iowa receives an A in completion; (5) Over the past decade, Iowa has made no notable progress in the benefits to the state that come from having a more highly educated population. This year Iowa receives a C in benefits; and (6) Like most states, Iowa received an Incomplete in learning because there are no comparable data that would allow for meaningful state-by-state comparisons in learning. This report also includes additional information, questions and answers, state grades, and "Measuring Up 2004" resources. [For "Measuring Up 2004: The National Report Card on Higher Education," see ED508096.]