Plenty of American students are attending college. But how many are graduating? Fortunately, the National Student Clearinghouse (NSC) released its annual report on college completion rates last week to answer precisely that question.

Nearly one in three (31%) drop out entirely.

The report tracks degree-seeking students who first entered college in fall 2011 and determines how many had attained a degree or certificate within six years.

Unlike many other measures of completion, which only look at graduation rates at the first institution a student attends and ignore the fortunes of those who transfer, the NSC report tracks students’ outcomes no matter where they obtain their degrees.

Just under half (45%) of students obtain a degree or certificate at the first institution they attend within six years of starting college. Another 12% transfer and complete at a different institution, for a total completion rate of 57%. Six years after first enrolling, 12% of students have not completed college but are still enrolled.

Read the full article on college completion rates by Preston Cooper at American Enterprise Institute