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Only a handful of studies have investigated financial issues pertaining to graduate and first-professional students. Given the paramount importance of adequate financial aid on retention in graduate and professional schools and the large amounts of debt that graduate and first-professional students tend to acquire, there is a significant need to understand the effects of financial aid on graduate and first-professional student outcomes. The purpose of this study is to estimate the effect of debt and working while enrolled on degree attainment for graduate and first-professional students using the 2007-2008 National Postsecondary Student Aid Study (NPSAS:08).