Because 20% of college high-risk drinkers continue this drinking behavior into adulthood, we used a development lens to compare the characteristics of high-risk college drinkers who matured out (time limited) with those who remained adult persistent. Respondents (4,428 undergraduate alumni over the age of 34) completed surveys about their drinking habits in college and their current drinking habits and personal characteristics. Exploratory factor analysis showed three components (20 items) that distinguished time limited from adult persistent drinkers and that correlated with student development theories related to drinking behavior, reasons for drinking and matters of control, intervention or consequences. Results suggest directions for prevention and intervention programs, and research to extend these findings. (Contains 5 tables and 1 figure.)