Factors that influence voluntary withdrawal from the University of North Carolina at Chapel Hill are investigated. A survey based on a cohort of students admitted for the first time in fall 1977 was conducted with a response rate of approximately 50 percent. Major and minor reasons for not returning to the university are tabulated for males and females. Results indicate that race does not appear to be a significant factor in voluntary withdrawal and that reasons do vary notably by sex and age. A total of 30 percent of those surveyed felt their reasons for leaving were personal and 35 percent felt their reasons were more university-related. Negative perceptions that the 1978 non-returners had concerning the university's large size and "impersonality" are also discussed as commonly cited reasons for withdrawal. It is suggested that the responses also indicate the importance of a "good fit" between students and the institution as many of the students considered the university "atmosphere" the primary reason for their leaving. Changes in counseling, readmission procedures, and other policies are recommended. The data are tabulated and the survey instrument is appended. (Author/SF)