This study examined how background and high school variables affected participants in either realizing their potential by completing a bachelor's degree or experiencing lost talent by not completing a bachelor's degree. A sample of participants who had demonstrated above average cognitive ability and had high postsecondary educational goals when in 8th grade was selected from the National Education Longitudinal Study of 1988 (national longitudinal data from 1988 to 2000; National Education, 2002). Several background and high school variables had strong effects on degree completion. Results were used to develop the Realized Potential or Lost Talent model. Implications for helping young people in their educational-career development are included. (Contains 1 table and 2 figures.)