The purpose of this study was to discover the extent to which the satisfaction of graduate students is associated with the collegiality of faculty-student relationships within the student's own department, the competitiveness of student-student relationships within the department, and the discrepancy between what the student expected graduate school to be like and the reality of graduate school as he perceives it. Seven hundred and sixty-two graduate students at a Midwestern University were administered a questionnaire; 589 usable responses were returned. On the basis of a pilot study and item analyses, Likert scales were constructed for the measurement of the major variables of this inquiry. Each item was scored on a 5-point scale, the high score indicating a high level of satisfaction. The findings indicated that the collegiality of faculty-student relationships is a highly effective predictor of both academic and nonacademic satisfaction for all categories of students, whether grouped by sex, department size, school within the university, or degree objective. Competitiveness of student-student relationships is a consistently negative predictor of both types of satisfaction. Expectation-reality discrepancy is also negatively associated with both types of satisfaction. (AF)