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This paper examines changes in the characteristics of students attending selective and non-selective institutions following the implementation of state-level policies mandating or providing funding for all high school students to take the ACT or SAT. Using policy changes that took place between 2001 and 2014 and nationally representative data on students at two- and four-year institutions, we show evidence that the mandates steer qualified low-income students from non-selective to selective institutions. The effects are especially pronounced for minority and first-generation students, who are more likely to be impacted by the policy. We also show that students who attend selective colleges after the mandates tend to take out more student loans to finance their education.