The dropout rate among Spanish university students is very high compared to the European mean, creating a pressing need for the introduction of policies and programmes aimed at increasing rates of persistence. In this article, we study this problem by combining students’ perceived learning outcomes with their dropout intentions, and we propose a research model that considers subjective factors that might impact this decision. The model is estimated for two degree courses: Business Administration and Nursing. The estimation method uses structural equations based on the partial least squares algorithm. This allows the construction of indices for the variables of interest, enabling us to make comparisons between courses and over time. To reduce dropout intentions, efforts need to be focused on obtaining better cognitive outcomes, as well as on achieving a higher level of student satisfaction with their university experience.