In Fall 2004, the Pell Institute released the first "Indicators of Opportunity in Higher Education." The inaugural report was well-received, including praise from the higher education community, press coverage, and policymaker discussions of the issues and data presented in the report. We present this second report with the goal of building on our knowledge base and continuing to inform a broad audience about the status of opportunity for higher education in the United States. An important addition this year is the inclusion of an indicator that addresses a key financial issue -- the percentage of family income that is needed to cover the cost of college. This indicator gives greater depth to understanding what college costs mean in the context of a family budget and therefore, how much college opportunity can vary by income. As noted when we released the first report, we intend to add to the indicators presented over time. This report also features a closer look at the diverse group of students captured in the category of low-income students. [This report received analytic support from Jennifer Engle. For "Indicators of Opportunity in Higher Education. Fall 2004 Status Report," see ED490855.]