Applying a structural equations modelling methodology, the study analyses the relationships and effects of self-regulated learning (social interaction learning strategies and motivation) and first-year university experiences on permanence in the sophomore year. The participants are 239 first-year students in different Engineering degrees at a public university in south-eastern Spain. Two alternative structural models are evaluated, showing the superiority of the model where first-year university experiences completely mediate the effects of self-regulated learning on permanence. Motivation and social interaction learning strategies show direct effects on first-year university experiences, and first-year university experiences, in turn, show direct effects on permanence; additionally, both motivation and social interaction learning strategies have indirect effects on permanence via first-year university experiences. The noteworthy theoretical implications of the results are discussed, as well as the teaching methodology and support services provided to first-year university students.