By comparison, the average Ohio family spends 42 percent of its income on college — up from 28 percent in the early 1990s.

"We still have a pretty good bargain," Covington said. But every year tuition rises, "and (students) drop out, or they just don't go."

The state's investment in need-based financial aid is "very low when compared with top-performing states," the report states.

The Utah higher education system reports a $1.9 million investment in merit-based aid, and $8.7 million in need-based aid. But it's possible there's more privately funded merit-based aid out there, Covington said.

• Preparation: Utah received one of three awarded A's. About three-fourths of high school students take at least one upper-level math course — an increase of 65 percent in the past 12 years — and 32 percent take upper-level science — a 62 percent hike. That makes Utah among the fastest-improving states on these measures. Also, 60 percent of Utah eighth-graders take algebra, the highest rate in the country.

But the picture isn't perfect. Hispanics are only half as likely as whites to take upper-level math, and three-fourths as likely to take high-level science, the report states.

Higher education leaders hopes a new "Utah Scholars" initiative, which they and Gov. Jon Huntsman Jr. are to unveil today, will better prepare all students for college and the work force.

• Participation: Utah received a B. Thirty-seven percent of students enroll in college by age 19 — an 11 percent drop in the past decade, compared to the national 2 percent decline.

The same number of 18- to 24-year-olds are enrolled in college, comparing well internationally, but representing only 77 percent of the success posted by Korea.

Also, Utah ethnic minorities are far less likely than whites to go to college.

Students going straight from high school to college have a better chance at completing their studies than those who wait, Covington said.

Utah higher education officials are trying to encourage students to do that, and for those just short of credits on a degree to come back, she said. The state also wants to attract women and minorities to sign up, in part, through efforts of the K-16 Alliance, a group of higher- and public-education bosses working to improve educational outcomes.

• Completion: Utah received a B for its mixed bag of data.

At four-year institutions, 71 percent of freshmen returned as sophomores. At community colleges, the number drops to 46 percent.