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This study examines differences in graduation rates based on religious affiliation. By utilizing regression and propensity score analysis and controlling for student and institutional characteristics, this study isolates and decomposes the effect of religious affiliation on graduation rate showing Catholic institutions have higher rates in general and specifically for women and Latina/o students. Relying on previous studies, and the significance of variables in the model, graduation rate is modeled as a function of institutional and student characteristics. Though the list of variables included is not exhaustive, they were chosen considering extant literature and theories, and as the model shows, account for a large portion of the variation in graduation rate across institutions in the sample.