The research reported here was supported by the National Center for Research in Vocational Education at the University of California, Berkeley, and RAND's Institute on Education and Training. The report has benefited from the comments of Julian Betts, David Finegold, and Norton Grubb. Thomas Bailey, Robert Schoeni, and Kenneth Gray provided helpful reviews of the report. Sally Carson, Marian Oshiro, and Jan Hartman provided superb computer programming support, and Tanya Burton produced the numerous tables and graphs. We are grateful to Natasha Kostan and Courtland Reichman for help in preparing the manuscript.