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? This state report card begins by summarizing the state's performance today compared with ten years ago, and by presenting key policy questions that these results suggest for the state. Next, the state's performance in each category is described in greater detail, followed by additional contextual information. Findings for Alaska include: (1) Over the past decade, Alaska has improved in preparing students to perform well in college, but has not kept pace with the rest of the country. This year Alaska drops to a B- in preparation; (2) Over the past decade, the number of students who enroll in higher education in Alaska has declined. Alaska receives a C in participation this year; (3) Alaska has lost ground in making higher education affordable over the past decade. This year Alaska receives an F in affordability; (4) Despite substantial improvement over the past decade, Alaska is one of the worst-performing states in the proportion of students earning certificates or degrees in a timely manner. This year Alaska is one of only two states to receive an F in completion; (5) Over the past decade, Alaska has seen an increase in benefits from having a more highly educated population. This year Alaska earns a B in benefits; and (6) Like most states, Alaska received an Incomplete in learning because there are no comparable data that would allow for meaningful state-by-state comparisons in learning. [For "Measuring Up 2004: The National Report Card on Higher Education," see ED508096.]