This brief explores the pros and cons of three alternative approaches to college admissions policies: race-based preferences, which are backed by most Democrats; class-rank plans (admitting the top students in each high school), which is backed by the Bush administration; and economic affirmative action for the disadvantaged of all races, which has broad popular support. The brief draws on new data from a study of alternative approaches at 146 top U.S. colleges. It evaluates the three approaches, focusing on seven criteria: fairness to individual applicants; racial and economic diversity; graduation rates; legality; politics; application nationally and to graduate education; and enforcement and cost. The brief concludes that, although economic affirmative action is likely to be the most expensive of the alternatives, it provides the single most effective way of meeting a number of important goals. (Contains 74 endnotes.) (SM)