From individual longitudinal data for a full cohort of first-entering students who embarked on short programs in Spain and were observed over a 7-year period ending in 2003, we analyze the probability that an individual will drop out, transfer, or graduate from a university school program. The statistical analysis is carried out in a competing-risks framework. We find that the system's internal efficiency is low, with dropout and completion rates averaging 50 and 36%, respectively. However, we find considerable variability in the probabilities of withdrawal, transfer, and graduation among students. In this regard, our results show that preenrollment academic ability, age at enrollment, family characteristics, and secondary educational experience are major influences on student progress.