In this article, we analyse the processes that contribute to changes in career aspirations among German PhD graduates. Drawing on the concept of cooling out (Goffman 1952; Clark 1960) - which describes semi-intentional practices that can cause a gradual decline in educational or career aspirations -- the paper expands on this by distinguishing between formal and informal processes that contribute to graduates deciding to abandon an academic career path. To explore the phenomenon, we employ a qualitative interview study with 21 PhD graduates from different academic disciplines, all of whom have chosen careers outside the academic realm at different biographical stages - often voluntarily, but occasionally involuntarily. The aim of the study is to paint a more differentiated and empirically underpinned picture of typical cooling out constellations in academia. We conclude by discussing the implications for creating effective PhD support in transition phases.