Advanced Placement (AP), launched in 1955 by the College Board as a program to offer gifted high school students the opportunity to complete entry-level college coursework, has since expanded to encourage a broader array of students to tackle challenging content. At the end of the year-long course, students may opt to sit for the course-related exam, or may take the exam without having completed the related course. For a score of 3 or higher (out of 5) on an AP exam, most colleges and universities will award college credit for an entry-level course in that discipline, though policies vary from institution to institution. This document discusses AP and its impact on postsecondary enrollment and completion as well as comprehensive state AP policies. (Contains 2 endnotes.)