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For decades, research on college access, college choice, and college impact has dominated the study of the field of higher education. Although the history of college admissions policies and college access obviates their importance, early action and early decision policies have not been empirically examined very much, largely due to the unavailability of and limited access to datasets and information. A focus on the connection and trajectories between the factors of the college admissions process and institutional outcomes has also been lacking. Thus, this study aims to examine the consequences of early action and early decision policies in four-year public and private colleges and universities in the U.S, from the perspective of diversity, quality, and affordability, with a large data set from multiple sources and the difference-in-differences analysis (DID) as a quasi-experimental design.