A study of the debt levels of graduate and professional students is reported in narrative, data tables, and graphs. Highlights include: total annual borrowing through federal loan programs has accelerated dramatically, with more than a million graduate and professional students now borrowing nearly $8 billion per year; graduate and professional student borrowing is increasing even faster than the record rate of increase in total student loan borrowing; average debt levels are high, especially for students attending professional schools in medicine, dentistry, and law; low-income and minority students are the groups most likely to borrow at the graduate and professional level; professional school graduates face repayment burdens that are prohibitively high in some cases, particularly for those choosing lower-paying, public service-oriented jobs; and doctoral recipients generally appear to have modest repayment burdens. An appendix contains descriptions of the major student loan programs. (MSE)