In a medium-sized college, 174 undergraduates evaluated the rewards, costs, alternatives, and investments associated with their enrollment. These investment model variables (Rusbult, 1980a) were significantly related to the students'satisfaction with the college, their commitment to remain enrolled, and their subsequent enrollment behavior. Linear and logistic regression results supported many, but not all, investment model predictions concerning the relationships between model constructs. Investment model variables were found to have greater validity than integration model variables (Tinto, 1975) in predicting institutional commitment and enrollment behavior. Implications for theory and practice are discussed.