This study analyzed the relationships between variables of institutional expenses, library expenses, and library use and variables representing graduation and retention rates for colleges and universities. Using data drawn from the Integrated Postsecondary Educational Data System and the Academic Library Survey, institutions were compared by their Carnegie Classification of Institutions of Higher Education and by control (private or public). ANOVA (analysis of variance) results, indicating the degree of difference or similarity between the groups of data, show that the colleges and universities vary significantly in expenses per student and in use of the library per student. Correlations showed that library expenses per full-time equivalent (FTE) and instruction expenses per FTE had the highest overall relationship with graduation and retention rates.