The First-Year Interest Group (FIG) program at the University of Washington (UW) is a variant of University First Year Seminars (FYSs), which are found at nearly all accredited four-year US colleges and universities. FYSs are believed to boost social cohesion, support knowledge acquisition, and introduce first-year students to the breadth of academic choices available to them at the host institution. At the UW, the FIG program began in the early 1980s, and has grown to involve roughly half of all entering freshmen. Despite the widespread implementation of FYSs at universities, little research has been done to measure the efficacy of these programs. This study leverages UW registrar data (including transcript records and demographic information) on over 60,000 UW freshmen across 13 years to examine the performance of FIG and non-FIG students (as measured by graduation, retention, and grades) through econometrics-based analyses of transcript records. To supplement this quantitative analysis, we use text-mining/NLP on 6 years of FIG exit survey data consisting of the responses of 14,000 students to questions regarding their FIG experiences. Our objective in our work is to use UW student information to conduct a thorough audit of the FIG experience and its effects on first-year student performance and retention. We hypothesize that students who take FYSs have a unique academic experience that is reflected in their academic outcomes as well as social integration to campus. We hope our results will motivate further discussion on current practices around FYS both at UW and across the country, while providing quantitative evidence of their impact on students' academic progression.