The purpose of this study was to determine what a panel of 15 experts would identify as critical factors affecting student retention in online courses that will serve as implications for educational leaders to guide their student retention strategies, online organizational structures, institutional policies, and online instructional activities. A three-round Delphi method was used to collect and examine panelists' perceptions, experiences, and recommendations. Expert panelists considered the most important factors affecting student retention in online courses and reflected upon their collective responses. As a result, several themes emerged from each of the three rounds. The top three factors that affect student retention in online courses were student self-discipline, quality of faculty and student interaction, and institutional support to students.