Drawing from annual data provided by the Maryland Higher Education Commission, Prince George's Community College (PGCC) in Maryland conducted a study of the status of first-time, full-time students at PGCC 4 years after entry. In particular, the study examined the number and percentages of students earning certificates and associate degrees and/or transferring to a four-year college or university in Maryland. Study results, covering all nine student cohorts entering PGCC in fall terms 1980 through 1988, included the following: (1) since the mid-1980's, the trend has been toward declining graduation rates accompanied by increasing rates of transfer without first earning an award from PGCC; (2) both black and white student cohorts have experienced declining rates of Associate of Arts (A.A.) degree attainment; (3) for those first-time, full-time students entering PGCC in fall 1988, graduation rates were 15.9% for whites and 5.1% for blacks, all time lows for both groups; (4) the 1986, 1987, and 1988 black student cohorts transferred at a steady rate of 14% to 15%, while white students have shown dramatically higher transfer rates in recent years, increasing from 30% for the 1984 cohort to 40% for the 1988 cohort; and (5) in comparisons with four peer community colleges in Maryland, PGCC's A.A. graduation rate for the 1988 cohort of 10.6% was approximately half that of three of the four peer colleges, and PGCC's in-state transfer rate of 27.9% was lower than all four peer institutions. Seven data tables and graphs are included. (PAA)