The College Board offers fee reductions to students based on eligibility for free and reduced-price lunch in an attempt to introduce the benefits of AP® Exam participation to students most at risk in the education system. This report examined college outcomes of low-SES students with a focused investigation comparing students who took an AP Exam and received a fee reduction to students who took no AP Exams. Students were classified as low-SES if they reported that their annual household income was $30,000 or less. The results indicated that students who completed an AP Exam using a College Board--issued fee reduction had higher four-year college-going rates, retention rates, and first-year grade point average (FYGPA) than did their non-AP peers. Additionally, these results held generally even when the data were disaggregated by demographic variables (gender, ethnicity, parental income, or parental education) or by academic variables (high school GPA or SAT® score).