This report uses data from the third follow-up of the National Education Longitudinal Study of 1988 and the Beginning Postsecondary Students Longitudinal Study to project postsecondary outcomes of the high school class of 1992. Specifically, the study tracked, over a four-year period, the paths of college-qualified students who first enrolled in a four-year college or university in 1992-93. Major findings included: (1) low-income students and Black or Hispanic students were less likely than high-income students or White and Asian students to be at least minimally qualified for college; (2) there were relatively few differences among income groups in four-year persistence and attainment rates; (3) race-ethnicity was associated with persistence and attainment for college-qualified students independent of qualification level; and (4) approximately 33 to 34 percent of highly college-qualified Whites and Hispanics earned bachelor's degrees compared with 14 percent of similarly qualified Black students. Following an introduction, data on characteristics of graduates qualified for college and enrollment are presented. In the next section, tables and data summarize persistence, nondegree departure, degree attainment, individual characteristics associated with attainment and persistence, and student debt. Discussion of controlling- related variables and a summary complete the report. Appendices provide a glossary and methodology details. (DB)