This paper presents findings of a study that examined the perceptions of public- and private-school principals toward educational vouchers. A survey of 500 principals (416 from public schools and 84 from private schools) in 5 southeastern states (Alabama, Florida, Georgia, Louisiana, and Mississippi) elicited a composite response rate of 52 percent (210 public schools, 84 private schools). Thirty percent of the public-school principals and 90 percent of the private-school principals supported educational vouchers. White principals believed that vouchers would have a strong negative effect on schools; black principals said that the effect would be slightly negative. The independent variables of type of K-12 school attended, years of administrative experience, education level, race, and gender had no significant effects on principals' perceptions of vouchers. The degree to which principals supported vouchers appears to be directly related to how they believe it will affect their schools or jobs. Their attitudes may be rooted in financial and personal reasons, rather than in consideration of the effects on education. Sixteen tables are included. (LMI)