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This study explores longitudinal patterns of graduation rates and the predictability of these patterns on the basis of institutional characteristics by using the Integrated Postsecondary Education Data System (IPEDS) data on 2011-2017 graduation rates and applying multilevel modeling for change. We found that public four-year institutions’ graduation rates increased more rapidly than private, not-for-profit four-year institutions albeit lower graduation rates in 2011. In addition, the findings indicate that annual changes in the graduation rate did not differ between doctoral or research-oriented universities and other types of four-year institutions while doctoral or research institutions had higher graduation rates in 2011. Lastly, significant relationships among institutional expenditures, enrollment size, the percentage of federal grant recipients, and graduation rates were found.