Students who were awarded university fellowships for their first year of study at a major research university were compared to nonfellowship students. The students' completion of the Ph.D. and the time required to obtain the degree were assessed. Data for about 3,200 Northwestern University students were analyzed. Three models were developed for organizing the data on which student performance was evaluated. In addition to a long-term longitudinal approach for tracking students' academic careers, a short-term longitudinal approach covered students' yearly progress. The long-term approach was used for the entering classes of 1972-1973 through 1976-1977, while the short-term approach started with the class of 1978-1979. The third model used a retrospective approach incorporating data for all degree recipients since 1978. Information is presented on the length of time to complete a Ph.D. and degree completion rates for the following departments: anthropology, art history, economics, English, German, history, mathematics, philosophy, physics, political science, psychology, Spanish, Slavic languages, and sociology. Students awarded fellowships in their first year did not consistently outperform other students, except for students in the Department of English. (SW)