This study, using data from the National Study of Student Learning, examined whether participation in a collegiate work-study program was related to cognitive educational benefits. Data were collected from 2,485 entering students at 23 institutions nationwide in the fall of 1992 with follow-up in the spring of 1993, of whom 494 (19.9 percent) reported receiving work-study assistance. Two questions were tested: one concerned differences in college experiences of work-study and nonwork-study students; the other with the effects of any differences on students' cognitive development. The study found that participation in a work-study program appeared to have a negative influence on first-year gains in reading comprehension, but a positive influence on critical thinking skills; no effects on math abilities were identified. These effects were apparent even after taking into account selected precollege characteristics, including initial cognitive abilities. Three tables present detailed data on: (1) students' cognitive ability, (2) college experiences, and (3) interaction effects. (Contains 50 references.) (CH)