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Most agree that completion rates at U.S. colleges ought to be higher, but it is unclear how this can be accomplished. The academic momentum perspective postulates that rapid credit accumulation enhances graduation prospects, implying that a larger credit-load in early semesters is beneficial in and of itself. We investigate this hypothesis using a nationally-representative panel study of first-time freshmen, employing propensity-score matching to mitigate selection bias. We find that students who attempt more credits in their first semester do complete degrees at higher rates. However, the benefits of higher credit-loads are larger for students with few competing obligations. We elaborate on the implications of these findings for higher education policy.