Controversies over graduation rates and No Child Left Behind have raged in research, media and political circles for almost a year. All too often, though, when complex issues of social and economic importance collide with policy and politics, heat is generated but little light. As a result, it may be difficult for local educators to parse the rhetoric from the reality and to figure out what this all means for their schools and students. This article attempts to provide some practical insight into NCLB and its implications for graduation rates and to highlight some issues of particular relevance to school administrators. It is hoped that this piece will also point to areas where local school leaders may take increasing ownership of the search to find solutions for the high school completion crisis. (Contains 1 figure.) [This document was produced by The Urban Institute's Education Policy Center (EPC). It was also published in "Principal Leadership" Volume 5, Number 4, p22-27, December 2004 (see EJ766879).]