A study examined the perils and risks of graduate school for students. The study used information from an interview with Dr. Jean Cunningham, Chief Psychologist at Southern Illinois University, to design a questionnaire to collect self-report data regarding the stressors that influence graduate students' lives. Of 50 surveys distributed to speech communication graduate students, 24 responded (15 women and 9 men). Results indicated that graduate students risk more than academic failure when entering a graduate program--they risk their health, financial security, and personal relationships. Findings suggest that graduate students feel pressure to prioritize academic achievement over all other values--that they privilege academic assignments over personal activities, especially those related to their well being. While students must comply with institutional deadlines, much greater stress is engendered by personal expectations. Includes a sample survey. (CR)