This report results from an evaluation of the National Research Foundation's Graduate Research Fellowship program. The study sought to determine: (1) whether NSF fellows show evidence of more timely degree completion and early career success; (2) whether graduate fellows and minority graduate fellows experience similar education and career success; and (3) whether the individual award aspect of the program enhanced the educational experience and career options of fellows. A 52-item survey questionnaire measured attendance patterns, completion rates, and time to degree of 9,035 NSF fellows who received first-year awards between 1979 and 1993. The study found positive effects on all three dimensions for female fellows and for recipients of minority graduate fellowships, suggesting a "signaling" effect both for individuals and their departments. The importance of the individual award aspect of the fellowships varied by discipline and by other sources of graduate funding support available in individual departments. Appended are seven data tables and illustrative graphics. (Contains 17 references.) (CH)