Factors affecting the loyalty of students in Universitas Terbuka are investigated in this paper. The aim was to elucidate how all the variables such as trust, satisfaction and participation interrelate with one another. Loyalty was the dependent variable; trust, satisfaction and participation were the independent variables. Data were accumulated using instruments in the form of questionnaires. The population was students registered in the first semester of 2014. Respondents were taken purposively from 22 of 37 regional offices throughout Indonesia, representing the western and middle part of the country; 1,099 questionnaires from respondents were finally completed and processed. Two hypotheses were established and then assessed. Statistically, factor analysis, correlation and multiple regression were thoroughly utilized to comprehend the interaction and behavior of all variables engaged. The results showed that loyalty is significantly influenced by trust, satisfaction, participation and interaction between the independent variables. However, three out of four interaction variables contributed negatively to loyalty. Besides, the variances of independent variables, including their interactions, explain 60% of loyalty's variance.