This article shares one educational leadership program's experiences with the use of student portfolios to assist in assessment of the program's effectiveness in preparing aspiring school principals. The authors begin with a discussion of market pressures for program reforms, which include the use of student portfolios for student assessment. After describing various types and purposes of portfolios, the authors provide a brief review of literature related to evaluation of educational leadership programs and note how portfolio assessments can be used not only for individual assessment but also for program assessment. The authors then share the results of their analysis of student portfolios and describe programmatic changes the faculty has made to their principal preparation program as a result of this summative evaluation activity. (Contains 2 tables.)