Increasing numbers of students are being diagnosed as simultaneously gifted and having a learning disability, although the identification procedures and characteristics of these students are matters of continuing debate. In the present study, postsecondary students with learning disability diagnoses (N = 357) were grouped according to their IQ scores, and the groups' cognitive and achievement characteristics were explored, with special attention to the proportions of each group that would meet various objective criteria for learning disability diagnosis. Many students in each group failed to meet any of the criteria, although higher IQ students were more likely to meet most of the criteria. In addition, the higher IQ group exhibited higher achievement scores than did the lower IQ group, although the achievement gaps were much smaller than the IQ differences. Implications for the validity of the gifted/LD category as well as future research directions are discussed. (Contains 4 tables.)