For nearly a decade, states have had flexibility in collecting and reporting graduation rate data for state and federal accountability purposes. But in 2008, the U.S. Department of Education issued new guidelines that require all states to report a new rate--the four-year adjusted cohort graduation rate--beginning in the 2011-2012 school year. This "SREB Policy on Point" report, part of the "Challenge to Lead" education goals series, explains the new rate, assesses the readiness of SREB states to adopt it and what to expect after the transition, and reports the most recently reported graduation rate data.