The goal of this study is to test the assumption that an AP score of 3 is equivalent to a C and gain an understanding of how AP-3 students are performing academically at ASU and how to interpret a 3 when evaluating ASU AP credit acceptance policy. Of primary interest is comparing the performance of AP-3 students to those non-AP students that got a C or higher in the corresponding course. To accomplish this, a tabular analysis of academic performance by AP score is conducted using aggregate student data from the ASU 2012-2014 cohorts. Among the performances considered are GPA, time to graduation, performance in the corresponding and following course at ASU, and more. Following this, a model is estimated for the impact that a 3 has on a student’s time to graduation when compared to non-AP students that got a C in the corresponding course.