Just 52.9% of students who began four-year programs in fall 2009 had graduated from such institutions.

The Wall Street Journal reports.

College Graduation Rate Shrinks, Study Finds

A shrinking share of college students made it through to graduation this year, reflecting an optimism among older students about the job market and underscoring concerns over college costs and return on investment.

Just 52.9% of students who began four-year programs in fall 2009 had graduated from such institutions within six years, according to a report released Tuesday by the National Student Clearinghouse Research Center, compared with 55% for the class that started in 2008 and 56.1% the year before that.

The results could have widespread implications as more states consider funding colleges and universities based on student outcomes, including graduation rates. The report was supported by a grant from the Lumina Foundation, a nonprofit group focused on increasing graduation rates.