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Both education and dropout play a preponderant role in the development process of individuals and societies. However, dropout is influenced by the application of the realities of each individual. The objective of this study is to identify the general reasons and sociocultural practices that affect the university studies dropout decision. This non-experimental exploratory-descriptive study used an Interpretive Phenomenological Analysis on a sample of 50 dropouts from Universities located in Panama City in the period 2001-2010, who participated of semi-structured interviews. The findings were validated through two focused group discussions with people from the interviewees’ communities. The results made it possible to generate a list of factors related to general aspects of their lives, the educational system structure in contrast with institutional orientation, and community practices as an influence on the decision to drop out. Economic problems, lack of orientation prior to enrollment in the university, family situations, transportation problems, distances and security were highlighted as dropout factors. Among sociocultural practices, crime and drugs, isolation, lack of values, and conformism were indicated. It is intended to replicate this study in a subsequent cohort that allows a comparative analysis of this phenomenon. The development of future studies with interdisciplinary approaches is recommended to address the phenomenon in a comprehensive manner and thus offer better solutions to University dropout.