A study of a cohort in the school district of Saginaw, Michigan was begun in Fall 1986. The primary aim of the study was to follow the students from the time they entered high school until they left, either by graduation, transferal, or termination. The specific cohort in the study was the 1986-87 sophomore class scheduled to be the graduating class of 1989. Of the student cohort, 55.6% graduated; 22% transferred; and 16.3% dropped out. Males tended to drop out at a higher rate than did females. Students age 17 and 18 tended to graduate while those who were older tended to drop out or seek alternate education, such as adult education. These findings imply not only revisiting retention policies, but emphasizing programs designed to help such students keep up with their peers. The main reasons cited for dropping out were related to non-attendance. Female and Hispanic students tended to go to adult education rather than drop out. A small percentage of the original cohort was still enrolled in the school system at the end of the study. This finding not only supports the rationale of extending the time frame of the study but also points out that, for some students, the value of a high school diploma is worth remaining in school even though their age peers have left. (Recommendations and appendices with results are included.) (LLL)