Using qualitative methods, the researchers explored student perceptions of the social and emotional advantages and disadvantages of Advanced Placement (AP) and International Baccalaureate (IB) program participation, differences between the AP and IB programs in those perceptions, and whether or not students report experiencing a "forced-choice dilemma" between academic success and social acceptance. The results suggested AP and IB students perceived experiencing both positive and negative social/emotional consequences of their participation in these programs. The benefits AP and IB students attributed to their participation in AP and IB versus general education courses were a better class atmosphere, a special bond among participants, and pride and self-confidence derived from completing the more challenging work, but they lamented the perception of unflattering stereotypes assigned to AP and IB students, the socially limiting workload, and the stress and fatigue. Student perceptions of the social/emotional consequences of AP and IB participation also differed by program. IB students were more likely than AP students to complain about the rigidity of their program because of the reported limitations it placed on class choice, extracurricular activities, and interactions with non-participants; cite differences between themselves and non-participants; perceive a negative stereotype associated with the program; and report experiencing great exhaustion they attributed to the workload. Finally, AP and IB students did not consider academic success a choice and felt that they could maintain both a social life and their academic success; however, "having it all," both social and academic success, required them to sacrifice something. For many students, that something was sleep. Key Terms are appended. (Contains 1 table and 1 figure.)