From 120 to 10 finalists based on institutional data and practice. In round two, Aspen invites 120 eligible institutions to submit an application describing what they have done to improve student success accompanied by data on completion and progression of students in two cohorts, learning outcomes, and labor market outcomes. To reduce the burden on the field, data definitions are aligned as much as possible with other reporting systems, including AACC's Voluntary Framework of Accountability. 

Aspen convenes a Finalist Selection Committee of former community college presidents, respected researchers, and policy experts, to review the applications and select 10 institutions that deliver exceptional student outcomes in the following four areas: 

• Completion Outcomes: Institutional practices and policies leading to frequent completion of associate’s degrees, credentials of at least one year in duration, and/or transfer to four-year colleges.
• Labor Market Outcomes: Institutional practices and policies aligned with labor market needs and student labor market success, resulting in high rates of employment and earnings for graduates.
• Learning Outcomes: Institutional practices and policies that result in strong and improving levels of student learning in courses, within programs, and college-wide.
• Equitable Outcomes: Institutional practices and policies that ensure access and success among students who are often under-served, including students from three underrepresented racial/ethnic groups—African American, Hispanic/Latino, and Native American—and low-income students.

Prior to the selection of the 10 finalists, Aspen conducts interviews with the leadership teams of approximately half of the institutions that submit applications.