A Federal Reserve Bank of Richmond report using the 2025 Survey of Community College Outcomes finds a 49.8% success rate for students across 189 colleges in 10 states when success is defined broadly — degree or certificate attainment, workforce credential, transfer, or persistence with at least 30 credits and 2.0 GPA — versus the traditional 33.8% graduation rate. The Richmond Fed argues traditional federal graduation metrics undercount part‑time students, transfers and credential completers, skewing perceptions of community college performance. The findings suggest policy and funding decisions should consider expanded outcomes to better reflect community colleges' workforce and transfer missions.