As part of the National Longitudinal Study (NLS) of the High School Class of 1972, NLS respondents who went to college, dropped out, returned, and graduated on schedule are analyzed in detail. Information was obtained from the base year and the first three follow-up surveys of the NLS. Findings include the following: whereas 41 percent of the senior class enrolled in academic programs in college in 1972, 10 percent more entered sometime between 1973 and 1976; although only 3 out of 10 of those enrolled in 1972 entered two-year colleges, 5 out of 10 delayed entrants entered two-year institutions; independent of social class, race, or ability, students who entered two-year colleges were substantially more likely to leave college without receiving a bachelor's degree by 1976 then were those who began at four-year colleges; men were somewhat more likely to go to college than women; however, women were more likely to graduate on schedule; men were more likely to return if they had dropped out; one out of four students between 1972 and 1976 had attended college only part-time; the number of part-time students increased over time and was much higher each year in two-year colleges than in four-year colleges; among those who entered college in 1972, 46 percent had dropped out at some point by 1976, 34 percent within the first 2 years, but only 12 percent thereafter; 30 percent of all college dropouts between 1973 and 1975 had returned by 1976; and only 15 percent of the 1972 cohort had received a bachelor's degree by 1976. A bibliography, information on study variables and survey error, and statistical tables are appended. (SW)