In light of the current discourse around the alleged discriminatory nature of the SAT and ACT exams against underrepresented minority students, and the increase in American institutions of higher education choosing to adopt test-optional freshman admission policies, this study sought to identify weather these policies are associated with changes in specific institutional outcomes. The research questions focused on the areas of diversity in enrollment, reputation of the institution, and student success. Data were obtained from the National Center for Education Statistics' Integrated Postsecondary Educational Data System (IPEDS) as well as U.S. News & World Report and were analyzed using fixed-effects panel regression models. The results of the analysis indicated statistically significant results for five of the six dependent variables when institutions switched from a test-required to a test-optional admission policy when controlling for other predictors included in the models.