Currently, 40 percent of all first-time freshmen begin their postsecondary careers in community colleges, the great majority of them intending eventually to complete a bachelor's degree. But along the way something happens, and for most of them that ambition is thwarted. The question is, to what extent does this pattern reflect students' choices, and to what extent is it due to factors beyond their control? In this article, the author shows how differing definitions of "students who would like to attain a bachelor's degree" generate different graduation rates. Also shown is how external factors--particularly the acceptance of course credits--make a large difference in terms of bachelor's degree attainment among students who begin at community colleges. (Contains 4 charts.)