This paper reports the results of a telephone survey of 151 undergraduates who withdrew in their first year of study at a post-1992 institution. It focuses on the negative experiences which they reported during their time at the university and the ultimate reasons for leaving, exploring in particular issues around choice of course, academic experience, socialization and financial support. From these data and from demographic information held by the university, distinct groupings of similar cases emerge, going some way to illuminating which students leave, when and why. The paper concludes with a discussion around the relationship between dissatisfaction, attachment and student retention, proposing that negative stimuli only go part of the way to explaining withdrawal decisions. (Contains 2 tables.)