This study investigated qualitatively how undergraduate students experienced the Great Recession at a flagship university in the South Eastern of United States and how this experience relates to their retention. Results indicate that the Great Recession has significantly impacted students' engagement and commitments. We argue that student retention is significantly influenced by forces beyond students' immediate surroundings. As such, we offer an ecological model of student retention that embraces the common theoretical understandings of student retention while encompassing macroinfluences at the same time. This study provides deeper understanding of the process of student engagement.