Community colleges are an essential component of America's higher education system. Last year, they enrolled well over 6 million students, a number that continues to grow. Community colleges have multiple missions, and their performance ultimately needs to be evaluated on multiple metrics. However, one key mission of community colleges is the awarding of associate's degrees and certificates to students who enroll with the intention of earning these credentials. Focusing on only first-time, full-time, degree- and certificate-seeking students in community colleges and using data from the U.S. Department of Education, this report shows that community colleges are generating costs to the taxpayer that are usually not part of the discussion of their role in America's system of higher education. A technical appendix is included. (Contains 4 tables, 3 figures and 18 footnotes.)