Students who fail to graduate high school prepared to attend a four-year college are much less likely to gain full access to our country's economic, political, and social opportunities. In this study, the authors estimate the percentage of students in the public high school class of 2001 who actually possess the minimum qualifications for applying to four-year colleges. Estimates are broken down by racial and ethnic group, as well as by region and state. To be "college ready," students must pass three crucial hurdles: they must graduate from high school, they must have taken certain courses in high school that colleges require for the acquisition of necessary skills, and they must demonstrate basic literacy skills. Nationally, only 32% of students in the Class of 2001 were found to be college ready, with significantly lower rates for black and Hispanic students. This suggests that the main reason these groups are underrepresented in college admissions is that they are not acquiring college-ready skills in the K-12 system, rather than inadequate financial aid or affirmative action policies. Reform of the K-12 education system is essential to improving college access for these groups. The following tables are appended: (1) High School Graduation Rate by State and Race; (2) Ranking of States by High School Graduation Rate; (3) Ranking of States by White High School Graduation Rate; (4) Ranking of States by Black High School Graduation Rate; (5) Ranking of States by Hispanic High School Graduation Rate; (6) Ranking of States by Asian High School Graduation Rate; (7) Ranking of States by American Indian High School Graduation Rate; (8) Proportion of All Students Who Graduate with College-Ready Transcripts; (9) College Readiness Rate; and (10) Comparison of Overall, College-Ready, and College-Entering Populations in 2000. (Contains 10 tables and 12 endnotes.)