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Nornagest comments on How much does where you go to college affect earnings? - Less Wrong
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A few minutes of Google puts the figure at more like 60% if I'm unpacking "succeed" correctly, although I'd be happier with that number if I'd found citations not pointing to the National Student Clearinghouse. In any case, though, 1% doesn't pass the giggle test for me.
I'm a community college transfer currently at UC Davis. Some quick googling turned up these figures from 2004, which give a graduation rate of 84% for transfer students, compared to 89% for students who enrolled as freshmen, conditional on acheiving junior standing (the probability of graduation for any random student who enrolled directly out of highschool is actually lower than for transfers). These numbers are a decade old, but are roughly in line with my current experiences, so I don't expect them to have changed that much.