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 Colorado include: (1) Over the past decade, Colorado has made improvements in preparing students to succeed in college. This year Colorado receives an A- in preparation; (2) Colorado's generally good performance in enrolling students in higher education has declined over the past decade. This year Colorado receives a B in participation; (3) Over the past decade, Colorado has made no notable improvement in providing affordable higher education opportunities. Colorado receives a D- in affordability this year; (4) There has been a substantial improvement over the past decade in the proportion of Colorado's students who earn a certificate or degree in a timely manner. This year Colorado receives a B- in completion; (5) Over the past decade, Colorado has consistently realized great benefits from having a more highly educated population. This year Colorado is one of only seven states to earn an A in benefits; and (6) Like most states, Colorado 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.]