The focus of this study is to explore college outcomes for students who come from traditionally lower-income backgrounds, reporting a household income of $30,000 or less, and who were awarded a fee reduction to take one or more Advanced Placement® (AP®) Exams, compared to students with a similar background and ability who did not participate in an AP Exam in that subject area or discipline. Matched samples of AP Exam taking and non-AP Exam taking students in each of five disciplines were created using student background variables, and these samples were compared on the following college outcomes: immediate enrollment in a four-year institution following high school graduation, persistence to the second year of study at the first-enrolled institution, graduation within four years of matriculation at any four-year institution, and graduation within six years of matriculation at any four-year institution. Results indicate that fee-reduction lower-income AP examinees, when compared to their non-AP Exam-taking peers, tend to have higher likelihood of enrolling, persisting, and graduating from four-year colleges. Results are presented in the Appendix.