Using multi-spell discrete time binary logistic regression, this study examined sequential occurrences of students' departures and returns over the period of six years. The model included time-invariant (gender, ethnicity, parents' educational attainment, family income, timing of matriculation, high school performance, and geographic origin) and time-varying (part-time attendance and college grade performance) predictors. The departure was strongly associated with poor college grade performance and part-time enrollment. Parents' educational attainment, SAT scores, and geographic origin predicted the probability of return. It was also shown that the duration of a spell affected the odds of departures and returns in a spell immediately following. (Contains 8 tables, 3 figures, and 12 endnotes.)