This study sought to compare the performance of students in the College Board Advanced Placement Program® (AP®) compared to non-AP students on a number of college outcome measures. Ten individual AP Exams were examined in this study of students in four entering classes (1998-2001) at the University of Texas at Austin. The four main groups of students compared included AP students who earned college credit with their AP Exam grade (AP Credit), AP students who did not earn college credit with their AP Exam grade (AP No Credit), non-AP students who were concurrently enrolled in a college-level course while they were still in high school (Concurrent), and a group of non-AP students that were matched on high school academic achievement to the AP Credit students (Non-AP). The college outcome measures included first-year credit hours and GPA, subject or subject area credit hours and GPA, overall college credit hours and GPA, and sequent course grade. Results showed that for each of the 10 individual AP Exam subjects, AP Credit students consistently outperformed non-AP students of similar academic ability in all college outcome measures. Concurrent students generally earned more college credit hours in the related subject area than the other groups of students. However, the Concurrent group's average GPAs in those related subject courses were no higher than those of the other groups. The study's results support previous research that showed that AP students performed as well if not better than non-AP students on most college outcome measures. These findings imply that the results found in these previous studies still apply, even with the rapid expansion of the AP Program.