As we reported in our inaugural State of the American Student report in September 2022, the Covid-19 pandemic and related school closures led to unprecedented academic setbacks for American students. They exacerbated pre-existing inequalities and accelerated the mental health crisis for young people. This second edition provides basic data on the overall system, but focuses especially on students who are nearing graduation, or have already graduated, from high school. The traditional pathways to college and career were already not working for too many of these students. The pandemic made everything worse.