This study leverages national data and a quasi-experimental design to examine the influence of enrolling in an exclusively online degree program on students' likelihood of completing their degree. We find that enrolling in an exclusively online degree program had a negative influence on students' likelihood of completing their bachelor's degree or any degree when compared to their otherwise-similar peers who enrolled in at least some face-to-face courses. The negative relationship between exclusively online enrollment and students' likelihood of bachelor's degree completion was relatively consistent among White, Black, Hispanic, Asian, low-income, and military students. Findings focused solely on those students enrolled in exclusively online degree programs revealed that the negative influence of exclusively online enrollment was exacerbated when the student attended a for-profit four-year institution.