<p>Through recent crises in higher education, college and university leaders have renewed their emphasis on student enrollment and retention to strengthen the financial sustainability of their institutions. However, retention studies have not examined the rapid changes in enrollment and corresponding institutional structures that developed since the pandemic. Specifically, there are no retention models that examine the academic success of both on-campus and online students simultaneously or account for student enrollment behaviors beyond graduation or withdrawal. We conducted chi square and classification tree analyses of institutional student records (<i>n</i> = 31,852) from 2013–2024 to understand and predict which residential and online college graduates advance to an additional degree at the same institution, a process we describe as <i>student conversion</i>. One-third of students who completed an undergraduate degree at the university later converted to a subsequent degree. The chi-square analysis demonstrates an association between academic discipline and student conversion. The classification tree model predicted student conversion based on modality, sociodemographic factors, and external environment. The classification tree also predicted higher rates of conversion among Black and African American students. The data show student conversion is not a uniform experience; instead, various groups follow different routes to pursue additional degrees at their institution. Our new model of student conversion can help institutional leaders identify targeted support to students who might otherwise miss opportunities for advanced education. These patterns of conversion demonstrate how online coursework creates new advanced study opportunities for non-traditional students who may not follow traditional education pathways.</p>