The present study assessed alertness, memory, and performance following three schedules of ∼8 hr of sleep loss (slow, intermediate, and rapid accumulation) in comparison to an 8-hr time in bed (TIB) sleep schedule. Twelve healthy individuals aged 21–35 completed each of four conditions according to a Latin Square design: no sleep loss (8-hr TIB for 4 nights; 2300–0700), slow (6-hr TIB for 4 nights; 0100–0700), intermediate (4-hr TIB for 2 nights; 0300–0700), and rapid (0-hr TIB for 1 night) sleep loss. On each day, participants completed a multiple sleep latency test (MSLT), a probed-recall memory task, a psychomotor vigilance task, a divided attention task, and the Profile of Mood States. “Rapid” sleep loss produced significantly more impairment on tests of alertness, memory, and performance compared to the “slow” accumulation of a comparable amount of sleep loss. The impairing effects of sleep loss vary as a function of rate, suggesting the presence of a compensatory adaptive mechanism operating in conjunction with the accumulation of a sleep debt.