Regents Exam Results
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You might think that students did not graduate because they failed the Regents Exams.
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That's not true.
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In fact, most dropouts did not take Regents Exams during their entire high school career.
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Why? Because these are end-of-course exams, given after a student has passed his or her course in, say, math or history or science.
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Therefore, students who fail the course or don't even take the course typically do not take the exam.
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Instead, students who dropped out were students who were unprepared for high school work and did not pass their courses.