This study examined the longitudinal persistence behavior of first-time, nontraditionally aged students at four-year institutions by leveraging the 2004 to 2009 Beginning Postsecondary Student data set. A human capital theory framework was employed to assess how student background characteristics, enrollment characteristics, and financial factors influence first-time, nontraditional student retention across multiple years of enrollment. The findings indicated that the highest risk of departure occurred during the first year of enrollment for nontraditional students who were first generation, enrolled full time, and from a low-income background. During the second year, students from a middle-income background were most at risk. Female students were most likely to depart in the third year, and minority students had the greatest risk of departure during the fourth year.