A study sought to determine the rate of retention of adult students in the University of Minnesota College Program for Individualized Learning (PIL) for the 1983-84 academic year, as well as factors that might relate to this retention rate. A review was made of the 67 applications submitted by students admitted to PIL during that year to determine demographic information and to assess perceived barriers to pursuing education and the students' orientations to learning. Further investigation of each student's program revealed his or her registration pattern, the status of his or her program four years later, and the last stage of program successfully completed. Follow-up interviews also were conducted with academic advisers to find any links between adviser behavior and retention. The study found that slightly less than half of the students admitted to PIL during the 1983-84 academic year were still in the program or had graduated as of fall quarter 1987. Age and gender of PIL students did not appear to be factors in academic persistence. The study found positive relationships between the following factors and academic persistence: proximity of residence, previous postsecondary education, 10 or more years of professional experience, interest in learning for learning's sake, and frequent contact with advisers. Those who dropped out did so more for personal situational reasons than for institutional ones. Implications of the study point to possible changes in admittance standards, advising, program development and administration, and further research. A program description and data forms are appended. (KC)