Foreign study has been growing worldwide since the end of World War II. There is a significant flow of students from less developed countries to more developed ones. This paper presents findings of a study that assessed two theories of development, modernization theory and dependency theory, and applied these theories to identify the impact of foreign study on national development. Modernization theorists assert the positive effects of foreign study and dependency theorists argue that foreign study has a negative effect on the home country. Methodology involved regression analysis of Gross National Product (GNP) data from 34 African countries contained in the World Bank's World Development Reports for 1972 and 1992, and from student population data from the UNESCO Statistical Yearbook, 1972. Findings support the modernization perspective on the effects of foreign study. The more students that a country sent to its former master country in 1970, the better economic performance the country achieved between 1970 and 1990. One explanation for the finding is that foreign study is an efficient mechanism for transferring the advanced technologies and skills for economic development from developed countries to developing ones. Another explanation is that foreign study is an effective means for professionals from developing nations to acquire negotiation skills for leading their home countries to economic development. However, the dependent variable, GNP per capita, does not reflect other kinds of development, such as political democratization, the adoption of cultural diversity, and the expansion of education. Foreign study may have negative effects on the home country that are less obvious than the positive ones. Two tables are included. (LMI)