Of the nearly 100 different types of high school diplomas that are awarded across all fifty states and the District of Columbia, less than half prepare students for success in college and career. And while the national high school graduation rate is at an all-time high, the rate at which students earn these college- and career-ready (CCR) diplomas is substantially lower, especially among students from low-income families, students of color, and other traditionally underserved students. "Paper Thin? Why All High School Diplomas Are Not Created Equal" provides a state-by-state analysis of the different types of diplomas that states awarded to the Class of 2014 and the impact on traditionally underserved students. [Robyn Harper, Francisco Jaimes, Liz Spurgeon, and Sean Bradley contributed to this report.]