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The aim of this paper is to determine whether or how academic libraries affect student achievement.

The paper uses computation of Pearson's r coefficients and predictor values for correlations of academic library statistics with first‐year retention and six‐year graduation rates reported to the Integrated Postsecondary Education Data System by Southern Regional Education Board four‐year colleges and universities in 2010.

Book collection size in doctoral university libraries has the strongest correlation with retention and graduation rates, in the sample, and predicts for every 10 percent increase a 0.5 percent improvement in retention and a 0.7 percent higher graduation rate.

The paper documents the first impact study to correlate library statistics with both retention and graduation rates from a large sample of doctoral, Masters' and bachelors' degree‐conferring institutions. It calculates 21 predictor values of interest to academic administrators.