This review presents a sample of the literature on pass-fail grading that was written between 1968 and 1971. The review leads to the following conclusions: (1) Students do not take pass-fail courses in order to avoid evaluation, but once having taken them their performance in both those courses and in traditionally graded courses declines; (2) Students do not take pass-fail courses to explore areas outside of their own major, but rather do so in order to make things easier for themselves in terms of course work; (3) Freshmen suffer most academically from taking pass-fail grades and so they should not be permitted the option or they should receive special guidance when they elect to do so; (4) The elimination of failing grades on transcripts is being practiced more widely than previously; (5) Most schools do not have major problems with pass-fail grading because they offer it only as a limited option; (6) While students who were graded on the basis of pass-fail can transfer to other institutions and can get accepted to graduate schools, they are less likely to get into the school of their choice. (Author/HS)