The purpose of this state report card is to provide the general public and policymakers with information they can use to assess and improve postsecondary education in each state. "Measuring Up 2006" is the fourth in a series of biennial report cards. The report card grades states in six overall performance categories: (1) Preparation: How adequately does the state prepare students 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 or degrees in a timely manner?; (5) Benefits: What benefits does the state receive from 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 Montana include: (1) Montana has made progress in preparing students to succeed in college, and receives a B+ in preparation this year; (2) Montana has lost ground in its efforts to enroll students in higher education. This year Montana receives a C- in participation; (3) Montana has shown no notable progress in providing affordable higher education. Montana receives an F in affordability; (4) Despite substantial improvement in the proportion of students receiving certificates or degrees in a timely manner, Montana receives a B- in completion this year; (5) Despite improvement, Montana continues to lag many other states in realizing the benefits that come from having a more highly educated population. Montana receives a C+ in benefits this year; and (6) Like most states, Montana receives an "Incomplete" in Learning because insufficient data would not allow meaningful state-by-state comparisons. However, data are available this year to examine the readiness of college graduates--from two- and four-year institutions--for advanced practice. This report also includes international comparisons, additional information, questions and answers, and state grades. (Contains 1 figure.) [For "Measuring Up, 2006. The National Report Card on Higher Education," see ED493360.]