A study examined terminal degree graduates--high school graduates who do not pursue any type of postsecondary education in the two years following graduation. They were compared with those who did pursue postsecondary education. The study used the base year (1980) and first followup (1982) of seniors in the High School and Beyond Study. Findings showed 34 percent of high school graduates are terminal degree graduates; over half had postsecondary education plans. Most shifted their educational plans, generally downward. They came from lower social class backgrounds than postsecondary education students, had lower aptitude, came from larger families, and were less likely to have siblings in college. They had lower self-concept scores, experienced less parental and teacher influence, and had parents much less likely to expect their child to attend college. They were less likely to be in the academic curriculum, had lower grade point averages, did less homework, were involved in fewer extracurricular activities, and were more delinquent. Two years after graduation they were more likely to be employed, worked more hours, and earned more. They were more likely to be married and have children and to be in clerical, crafts, operative, service, and labor/farmer occupations. (Twenty-two tables are appended.) (YLB)