This report takes a look at how government officials have pressed college accreditors to focus more on "student outcomes"--quantifiable indicators of knowledge acquired, skills learned, degrees attained, and so on. It then argues that it is not these enumerated outcomes that are the best way to hold colleges accountable, but rather the evidence of student engagement in the curriculum--their papers, written examinations, projects, and presentations--that holds the most promise for spurring improvement in higher education. Furthermore, this engagement is also a key factor in keeping students in school all the way to graduation. The report concludes that reformers seeking to enhance college performance and accountability should focus not on fabricated outcome measures but instead on the actual outputs from students' academic engagement, the best indicators of whether a college is providing the quality teaching, financial aid, and supportive environment that make higher learning possible, especially for the disadvantaged. [For Part 2, "The Real Price of College," see ED623188. For Part 3, "Promoting Inclusion and Identity Safety to Support College Success," see ED623205. For Part 4, "Why Performance-Based College Funding Doesn't Work," see ED623208. For Part 5, "When College Students Start Behind," see ED623207.]