This report uses data from the 1989-90 Beginning Postsecondary Students Longitudinal Study and the 1993 Baccalaureate and Beyond Longitudinal Study to examine the postsecondary experiences and outcomes of first-generation students relative to their peers. After an overview of the demographic, aspirational, and enrollment characteristics of first-generation and non-first-generation students, the report compares the persistence and attainment rates of these groups; it also examines the labor market and further postsecondary outcomes of these students. The major findings are: (1) first-generation students were more likely to be older, have lower incomes, be married, and have dependents than non-first-generation peers; (2) first-generation students were more likely than their peers to enroll in postsecondary education part-time, and to attend public two-year institutions, for-profit institutions, or other less-than-four-year institutions; (3) first-generation students were equally as likely to take remedial classes as peers, though there were differences by sector on this measure; (4) first-generation students were more likely than peers to say that being very well off financially was very important to them; (5) first-generation students persisted in postsecondary education and attained credentials at lower rates than peers; and (6) overall, first-generation status had a negative effect on persistence and attainment. A glossary and technical notes are appended. (DB)