This study used data from the Baccalaureate and Beyond (B&B) and Beginning Postsecondary Student (BPS) studies to examine: the early labor force experiences of college students who either graduated or dropped out; student borrowing for postsecondary education; and student loan debt burden and repayment status. The B&B group (n=11,000) was followed one year after graduation in 1992-93. The nonbaccalaureates (n=8000) were those from the BPS group who enrolled in 1989-90 but did not graduate. Among the study's findings were: 87 percent of the graduates and 81 percent of the nonbaccalaureate group were employed in April of 1994; the average salary in 1994 was $22,100 for graduates and $16,600 for non-graduates; during the first year of graduation, about 29 percent of graduates had experienced unemployment, whereas among the nonbaccalaureate group, about one-third had experienced unemployment (since 1989); nearly one half of the graduates borrowed some money for their education--an average of $10,200; one year after graduating, 63 percent of bachelor's degree recipients had no debt; 29 percent of graduates were required to make loan payments, and the remaining 8 percent still owed but were not required to make payments; graduates were repaying on average of $136 per month, non-graduates an average of $76 per month. Appendixes include a glossary and technical notes on the methodology.(DM)