This longitudinal study examined the drop-out rates of two-year college students in Korea and explored which characteristics influence student attrition. In 1996, a pilot study was undertaken in 18 schools, with a cohort of 1,865 students. This study involved questionnaires and in-depth interviews with 18 students. In 1998 and 1999, for the final study, another survey was distributed to 1,662 students with the same questions. Results indicated that: (1) four individual independent variables had significant effects on dropout-grades, mother's job, parents' financial contribution, and plans to transfer to another college; (2) there was a greater tendency to drop out among female students, which appeared to be influenced by reduced parental financial aid; (3) male students' educational aspirations exceeded those of females; (4) male students' dropout may be categorized as "positive attrition"-while temporarily out of college, it is assumed that male students are preparing to enter a four-year college; this is not so for female dropouts; (5) academic integration into the institution was a significant influence for females but not for males; and (6) most students perceived two-year colleges to be located at the bottom of the academic hierarchy, which contributed to their feeling of being second-class students. (Contains 59 references.) (EMH)