This paper seeks to advance our understanding of the drop-out behavior of students in higher education. Our results are based on longitudinal data for 7000 students who embarked on short and long programs from one university in Spain and who were observed over an eight-year period ending in 2004. The statistical analysis is carried out in a competing-risks framework. We find that academic preparedness is one of the major influences on student completion. Additionally, older students and students who delay entry into higher education are more likely to drop out before graduating. Our analysis provides guidance about the role that financial support plays in reducing drop-out rates; we also find that family characteristics are significant factors in explaining student drop out in long programs.