Many of UNC's E-Learning efforts are new and an evaluation of their effects is premature. Despite this, evaluating learning outcomes in online education may provide insight for future decisions. In order to evaluate these courses, UNC General Administration's Policy & Funding Analysis Division used a statistical technique that allows one to analyze the relationships between different sets of variables and outcomes of interest. To create a meaningful comparison group, the sample for analysis only examined courses offered both online and face-to-face. This report provides a brief outline of the process followed by two images of the key findings, and offers guidance on how to interpret the graphs. For further information about the study, see Appendix A: Quantitative Technical Notes. Existing research on the effectiveness of online instruction is--at best--mixed. However, this analysis with UNC specific data furthers and supports previous studies using smaller samples from within the state.