Governor Cuomo expanded the state's commitment to college affordability, announcing a new Excelsior Scholarship for New Yorkers attending the state's public colleges, and an Enhanced Tuition Awards Program (ETAP) for nonprofit colleges. Now, as New York implements its expansion of aid to students at public and nonprofit institutions, and considers expansion of ETAP to for-profit institutions, recently released federal data provides an opportunity to assess the benefits that New York and its students are enjoying from the state's investment in public, private nonprofit, and private for-profit colleges. In this report, The Century Foundation uses federal data sets to provide new, state-level analysis of the following three measures of higher education quality: (1) Employment Outcomes; (2) Financial Distress; and (3) Investment in Education. For all three measures of higher education quality, the outcomes show startling disparities between schools that are subject to public, nonprofit, and for-profit control. New York's commitment to college accessibility shows in its highest-in-the-nation contribution to supporting private higher education. Unfortunately, some colleges--concentrated in the for-profit sector--benefit from this investment while leaving students with more debt, worse employment prospects, and higher default rates relative to peers at public and nonprofit schools. These metrics reveal accountability concerns that, because of the student populations involved, also raise equity concerns.