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 Indiana include: (1) Despite substantial improvement over the past decade, Indiana lags behind many other states in preparing students to succeed in college. This year Indiana receives a C in preparation; (2) Over the past decade, Indiana has made no notable progress in enrolling students in higher education. Indiana receives a C+ in participation this year; (3) Indiana has made no notable progress in providing affordable higher education opportunities over the past decade. Indiana receives a D in affordability this year; (4) Over the past decade, Indiana has seen a decline in the number of students earning a certificate or degree in a timely manner. This year Indiana receives a B in completion; (5) Over the past decade, Indiana has seen a notable increase in benefits from having a more highly educated population. However, Indiana receives only a C in benefits this year because other states performed better; and (6) Like most states, Indiana 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.]