This report presents an analysis of the debt levels and debt burdens of recent college graduates, based on student-reported data from four national surveys taken over the period 1977 to 1986. The major findings of this study were the following: (1) one out of two 1986 college graduates had some undergraduate debt representing an increase from one out of three 1977 graduates; (2) the median debt level of baccalaureates with debt rose from $2,000 for 1977 graduates to $4,800 for 1986 graduates; (3) the median debt burden--the ratio of repayments to gross income--of 1986 graduates was 4.0% in the year following their graduation from college, down slightly from 5.2% for 1977 graduates; (4) only 6.5% of all 1986 graduates had a debt burden in their first year after graduation that exceeded 10% of gross income, down .2% from 1977 graduates; and (5) only 4.8% of 1986 graduates had debt but no first-year income at the time of the survey, up .1% from 1977 graduates. Appendices include an explanation of the debt burden assumptions used in the computations, various statistical breakdowns of education debt and debt burden for 1986 bachelor's degree recipients, and descriptions of federal education loan programs and debt burden. (GLR)