The differences in income, crime, health, mental health, and substance use among high school dropouts, GED recipients, and high school graduates are investigated. The study sample is drawn from the Chicago Longitudinal Study (CLS), an ongoing investigation of a panel of low-income minority children who grew up in the inner city. After controlling for sociodemographic factors, early cognitive skills, and participation in postsecondary education, results indicate that there are significant differences between dropouts and GED recipients, and between GED recipients and high school graduates in the five aspects of quarterly income equal to or above average, life satisfaction, future optimism, symptoms of severe depression, and substance use. (Contains 4 tables and 2 notes.)