This publication is the first in what will be a new set of Academy in Transition policy and research reports on important trends in undergraduate education and the changing environment in which colleges and universities are educating a much larger percentage of the population. College-level learning in high school is a rapidly growing, but little-studied, phenomenon. With well over a million Advanced Placement (AP) Examinations taken by more than 700,000 high school students, AP plays an increasingly visible role in defining the content and standards of high school college-entry-significant courses. College-level learning in high school also includes courses for which colleges grant credit as their own, but which are taught to high school students by high school teachers in high school venues. This study examined the central role of college and university policies toward the sponsorship of college-level learning in high school and the acceptance of supposed college-level credits brought in by entering or transferring students. Data are from a national sample of 451 two- and four-year colleges and universities collected and analyzed by the University at Buffalo Learning Productivity Network. Findings reveal great differences in encouragement and accommodation according to the selectivity of the institution, with highly selective institutions requiring higher scores on AP examinations and frequently not allowing them to be credited toward graduation. Less selective institutions are more likely to accept AP results and other forms of college credit. (Contains 17 tables, 13 endnotes, and 25 references.) (SLD)