This study investigated the situations of at-risk students considered for becoming principals, examining whether it was worth the risk of admitting them into principal preparation programs. Students had undergraduate grade point averages (UGPAs) of at least 2.85 over the last 2 years of the undergraduate program. If they did not meet GPA standards, they could be admitted on probation. Students had to take the Graduate Record Examination (GRE) and have acceptable letters of recommendation in order to be admitted to the Masters Degree program. Researchers classified students into categories by UGPA and examined their records to determine who completed the program and who did not. When students completed the probationary program with at least a B average, took the GRE, and completed the Masters Degree, their academic records were examined to discern predictors of graduate school success. Of the 42 students for whom data were complete, 28 completed the degree and 14 did not. The most significant predictor of graduate student success was the variable in which the UGPA was multiplied by the scaled GRE verbal score. This predictive model was significant for both probationary and nonprobationary students. The undergraduate major emerged as a predictor of success. (Contains 43 references.) (SM)