A national perspective on issues in graduate and professional education in California is provided with an emphasis on increasing the participation of minority students and women in advanced degree programs; assuring an adequate supply and quality of college faculty into the next century; and minimizing the adverse affects of growing loan burdens. The three sections focus on the following: (1) graduate and professional education in California (enrollments and degrees by field of study, participation of foreign students); (2) financing graduate and professional education in California (government fellowships and trainees; research and training assistantships; institutional grants and fellowships; loans; private sources of aid; aid sources for advanced degree students in California; differences between undergraduates and advanced degree students; doctoral, master's, and professional students' patterns of financing; and recent federal legislative changes); and (3) issues in financing graduate and professional education (student financial aid options; labor market intervention; increasing the participation of minorities and women; addressing concerns about the future size and composition of college faculty; and minimizing the adverse effects of growing loan burdens). Ten tables are included. (SM)