One traditional difficulty with dropout research has been finding a reliable base of information relative to dropouts. The High School and Beyond data base provides a unique opportunity to explore issues related to dropping out. This study used data from the High School and Beyond 1980 base-year survey, the second follow-up survey in 1984, and the 1986 follow-up survey to investigate the experiences of dropouts and high school graduates having no postsecondary education in 1986, 4 years after the projected date of graduation. Dropouts and graduates were compared on self-esteem, alcohol use, political and social participation variables, work satisfaction, salary of current job, periods of unemployment, and number of jobs. Multiple regression analyses were used to determine the degree to which dropping out explained the variance in these measures when gender, socioeconomic status, and academic achievement were held constant. Dropouts were found to differ little from graduates with no postsecondary education on many personal and social adjustment measures. Distinct differences between dropouts and graduates did emerge in alcohol use, some areas of political participation, number of jobs, and periods of unemployment. The findings reinforce the conclusion that dropouts are less likely than high school graduates to participate in the mainstream of democratic life and in stable employment. (Author/NB)