The standard model accommodates, but does not explain, three families of le
prous and quarks, while various extensions suggest extra matter families. T
he oblique corrections from extra chiral families with relatively light (we
ak-scale) masses, M(f)similar toH, are analyzed and used to constrain the n
umber of extra families and their spectrum. The analysis is motivated, in p
art, by recent N=2 supersymmetry constructions, but is performed in a model
-independent way. It is shown that the correlations among the contributions
to the three oblique parameters, rather than the contribution to a particu
lar one, provide the most significant bound. Nevertheless, a single extra c
hiral family with a constrained spectrum is found to be consistent with pre
cision data without requiring any other new physics source. Models with thr
ee additional families may also be accommodated but only by invoking additi
onal new physics, most notably, a two-Higgs-doublet extension. The interpla
y between the spectra of the extra fermions and the Higgs boson(s) is analy
zed in the case of either one or two Higgs doublets, and its implications a
re explored. In particular, the precision bound on the standard model-like
Higgs boson mass is shown to be significantly relaxed in the presence of an
extra relatively light chiral family.