This study examines U.S. national colleges and universities that have de-emphasized or eliminated ACT and SAT scores and have implemented test-optional policies for undergraduate admissions. The study investigates the test-optional admissions trend and provides a "pre-post" quantitative analysis of test-optional policy effects on the number of admitted students, applications, acceptance rates, and the enrollment of Pell Grant recipients and underrepresented minority groups. The quasi-experimental research design utilizes difference-in-differences regression of cross-sectional, time series (i.e., panel) data. The sample is comprised of institutions that have implemented a test-optional policy for first-year, full-time, undergraduate admissions in comparison to test-requiring institutions. The sample represents both public and private institutions varying in enrollment, ranking, and acceptance rates. The study also includes a qualitative summative analysis pertaining to the institutional framing and rationalization of test-optional policies.