The impact of receiving undergraduate student loans on attending graduate school was studied using the data base of the National Longitudinal Study of the High School Class of 1972. Information from a base-year survey conducted in spring 1972 and three followup surveys conducted in fall 1973, 1974, and 1976 was used. Approximately 20,000 students representing more than 1,000 high schools participated in the project. The hypothesis that recent college graduates with loans are less likely to attend graduate or professional school than are graduates without loans was not supported. Data indicated that graduates with loans were slightly more likely to be attending graduate or professional school than those without loans. Reasons why graduates did pursue advanced study and the influence of undergraduate loans was further examined. The influence of grade point average and socioeconomic status was also analyzed using multiple regression analysis. (SW)