Latin America may have higher attrition rates than previously assumed. Many students in Latin America do not graduate on time because they cannot complete the traditional undergraduate dissertation. This paper examines the factors contributing to delayed graduation for a context-specific variable: dissertation problems. We designed a questionnaire survey based on multi-item scales and surveyed 480 university students from Argentina, Bolivia, Chile, Colombia, and Mexico. Aggregate-cross-sectional data and multilevel structural equation modeling show that institutional assistance and supervision quality [personal problems] reduce [increase] dissertation problems. These results may enable university authorities to identify undergraduate students with dissertation problems and thus improve their strategies for reducing attrition rates.