This paper attempts to refute current emphases on supposedly increased numbers of "students at risk." It is claimed that such terminology usually includes students who drop out, who become teenage mothers, or who are illiterate. Data are presented in tabular form demonstrating that all three of these "risk behaviors" are at their lowest in America's history. It is suggested that the use of the "at risk" label generates its own stigma, prejudice, segregation, and self-fulfilling validation. Debunking the myth of the at-risk student is seen as a step toward positive policy initiatives to avoid the labeling and dead-end tracking of the poor, the members of minority populations, and the handicapped. A focus on the risk behaviors of individuals and the need to improve risk communication is encouraged rather than application of a new label. Includes 27 references. (DB)