Dropping out from undergraduate education, an indicator of academic success, is costly for students, parents, and society in general. Therefore, the early identification of potential dropout students is important. The contribution of personal features to dropout rates has merited exploration. However, there is a paucity of research on psychological factors that may lead to dropping out. In addition, the country’s adoption of K to 12 curriculum may have an impact on the academic success of students. This paper examines the influence of locus of control and motivation on academic success, as measured by dropout intention and academic performance, of first batch of freshmen under the K to 12 curriculum in the Philippines. A descriptive-correlational study using online survey questionnaires was employed to 21,012 respondents who were chosen through simple random sampling and Slovin’s formula. Standard questionnaires were used to gather data on locus of control, motivation, and dropout intention, while academic performance was measured using the Weighted Point Average (WPA) of the students. Results showed that majority of the respondents had very strong external locus of control but had low level of motivation. Results also showed that majority of the respondents had very high level of dropout intention and WPA. Correlation revealed a weak positive association between locus of control and WPA. Multiple regression analysis revealed that locus of control significantly influenced WPA while locus of control and motivation did not influence dropout intention.