This qualitative study compared faculty and student perceptions regarding factors that affect student retention in online courses in an attempt to more effectively address the problem of attrition. A grounded study method was used to interview students taking online courses, analyze their responses related to the critical factors that affect student retention, and compare them with those given by expert online faculty documented by Gaytan (2013). Among the various findings, two are considered critical: online students would like to receive more instruction from their professors and more comprehensive feedback that would allow them to engage in corrective behaviors to improve performance. Comparing faculty and student responses related to the factors that affect student retention could give online program administrators and faculty advisors a better understanding of these critical factors to be able to respond to the student retention challenge more effectively.