Using national data, this study examined out-migration behavior of college graduates who attended in-state institutions in the United States. Unlike previous studies on the issue of student migration, in which researchers used a single equation approach, the present study employed a multi-level technique to assess the effects of factors from individual, institutional, and state levels on post-graduation migration. The study findings suggest that grant recipients, students who applied to multiple institutions, and college graduates from highly selective institutions are more likely to leave their native states, while Hispanics, college graduates from doctoral institutions, and students who reside in states with higher gross domestic product are more likely to remain in their native states.