Research investigating the hypothesized negative attributional style (NAS) X stress interaction (L. G. Abramson et al, 1978, 1989) has mostly focused on depression as an outcome. The present study investigated the effects of this interaction on academic performance in the context of the General Secondary Certification Examination. NAS was measured prior to the 1rst semester examination and depression was measured subsequent to the announcement of exam results. Grades for the 1st semester, as well as final grades, were recorded. Results of regression analysis support the hypothesized interaction only when depression was added to the interaction term. Ss who habitually utilize NAS for explaining negative life events were less able to improve their final grades compared to those who use NAS to a lesser degree, especially when they experienced a high level of depression after receiving unacceptable 1st semester grades. No major gender difference emerged. However, the cognitive and affective variables explained a larger portion of the variance in the academic performance of males compared to that of females. Results are discussed in light of the attributional analysis of learned helplessness in achievement situations. Related therapeutic approaches are suggested within this framework.