The Postsecondary Enrollment Options Program (PSEO) allows 11th and 12th grade public school students to attend Minnesota postsecondary institutions at state expense. Students receive high school credit for courses successfully completed and may apply for postsecondary credit for the same courses when entering college after high school graduation. This report analyzes program operating procedures, participation by students, funding, and policy considerations. On average, about seven percent of a school district's 11th and 12th graders took PSEO courses in 1991-92. Most of the students took about 12 PSEO credits. The most popular PSEO courses were communications, social sciences, and vocational courses. Some PSEO courses were offered in high schools instead of on a college campus. The study concluded that PSEO can provide a significant financial benefit to students, who do not have to pay for as many college credits; that student access to PSEO is limited by geography; that PSEO cost the state about $2.2 million but may well be a sound investment; and that the program has resulted in reduced funding to high schools, which has had a significant financial impact on some districts and makes it difficult for districts to adjust staff and curriculum needs. Appendixes contain a copy of the PSEO legislation, a list of eligible postsecondary institutions, and data from the study. (JDD)