This state report card is derived from "Measuring Up 2004," the national report card for higher education. Its purpose is to provide the public and policymakers with information to assess and improve postsecondary education in each state. "Measuring Up 2004" is the third in a series of biennial report cards. The report card grades states in six overall performance categories: (1) Preparation: How adequately are students in each state being prepared for education and training beyond high school?; (2) Participation: Do state residents have sufficient opportunities to enroll in education and training beyond high school?; (3) Affordability: How affordable is higher education for students and their families?; (4) Completion: Do students make progress toward and complete their certificates and degrees in a timely manner?; (5) Benefits: What benefits does the state receive as a result of having a highly educated population?; and (6) Learning: What is known about student learning as a result of education and training beyond high school? Findings for Missouri include: (1)Missouri, over the past decade, has made improvement in preparing students to succeed in college. This year Missouri receives a B- in preparation; (2) Over the past decade, Missouri has shown consistently good performance in the number of students enrolling in higher education. Missouri continues that performance this year, earning a B in participation; (3) Over the past decade, Missouri has made no notable progress in providing affordable higher education opportunities. Missouri receives an F in affordability this year; (4) Missouri, over the past decade, has shown substantial improvement in the number of students earning their certificates or degrees in a timely manner. This year Missouri receives a B in completion; (5) Showing improvement over the past decade, Missouri has reaped many of the benefits that come from having a highly educated population. This year Missouri earns a B in benefits; and (6) Like most states, Missouri received an Incomplete in learning because there are no comparable data that would allow for meaningful state-by-state comparisons in learning. This report also includes additional information, questions and answers, state grades, and "Measuring Up 2004" resources. [For "Measuring Up 2004: The National Report Card on Higher Education," see ED508096.]