In 2004, Colorado introduced the nation's first voucher model for financing public higher education. With state appropriations now allocated to students, rather than institutions, state officials expect this model to create cost efficiencies while also expanding college access. Using difference-in-difference regression analysis, we find limited evidence that these outcomes occurred within the 4-year sector; however, the policy increased cost efficiencies among community college and reduced college access for some underrepresented groups. The paper discusses the challenges of applying market-based reforms to public higher education.