We implement a regression discontinuity design using the continuous raw Advanced Placement (AP) exam scores, which are mapped into the observed 1–5 integer scores, for over 4.5 million students. Earning higher AP integer scores positively affects college completion and subsequent exam-taking. Specifically, attaining credit-granting integer scores increases the probability that a student will receive a bachelor’s degree within 4 years by 1–2 percentage points per exam. We also find that receiving a score of 3 over a 2 on junior year AP exams causes students to take between 0.06 and 0.14 more AP exams senior year.

Does access to 4-year colleges affect degree completion for students who would otherwise attend 2-year colleges? Admission to Georgia’s 4-year public sector requires minimum SAT scores. Regression discontinuity estimates show that access to this sector increases 4-year college enrollment and college quality, largely by diverting students from 2-year colleges. Access substantially increases bachelor’s degree completion rates for these relatively low-skilled students. SAT-retaking behavior suggests students value access to 4-year public colleges, though perhaps less than they should. Our results imply that absolute college quality matters more than match quality, and they suggest potential unintended consequences of free community college proposals.

We estimate whether students update the colleges to which they consider applying in response to large, unanticipated information shocks generated by the release of SAT scores—a primary factor in admission decisions. Exploiting population data on the timing of college selection and a policy that induces students to choose colleges prior to taking the exam, we find that students update their portfolios in terms of selectivity, tuition, and sector. However, the magnitude of updating is too modest to significantly reduce unexplained variation across students, suggesting that nonacademic factors are the dominant determinants of college match.