Affective and academic outcomes of grade retention were studied using the High School and Beyond (HSB) data set--a large, nationally representative sample of students. More specifically, the study: compared the academic (achievement and educational attainment) and affective (educational aspirations) outcomes of retained and non-retained students, compared the academic and affective (including self-efficacy) outcomes of early and late retained students; assessed potential factors influencing the success stories in retention; examined the contribution of sex and socioeconomic status (SE); and identified areas for more detailed inquiry. The cohort of high school sophomores was assessed in 1980 and reassessed in 1982, 1984, and 1986. A total of 1,015 schools were selected for the sample, and 36 seniors and 36 sophomores were randomly selected in each school. In those schools with fewer than 36 seniors and/or sophomores, all eligible students were included in the sample. Participants in all 4 waves of the survey included 13,425 students, of which 1,469 had been retained at some point in their scholastic careers. The Statistical Package for the Social Sciences (SPSSX) was used to conduct descriptive and inferential statistical procedures used to analyze the data. Variables were either items drawn directly from the HSB data or composite variables. Results indicate that there are some success stories for retained students. Slightly fewer than half of the higher SES students who were retained scored above the median on the sophomore achievement measure, whereas fewer than 20% of the lower SES retained students scored above the median on the achievement composite. Gender also played a part in retention decisions and outcomes. Five data tables are included. (TJH)