In the present study, individual differences in criterion-based dropout learning in old age were investigated. The predictive role of processing speed and verbal knowledge for individual differences in this type of learning was analyzed. Learning trajectories were modeled using a multilevel approach based on N = 47 older participants (Mage = 69.3, SD = 6.4). Participants learned five lists of eight cue-target word pairs across six study-test cycles maximally possible. Results indicate that there were reliable individual differences in the initial level, speed of learning, and quadratic growth of learning. After adjusting for age-related effects, both higher verbal knowledge and higher processing speed had a positive effect on speed of learning. Additionally, verbal knowledge had a negative effect on quadratic growth of learning. Speed of learning and quadratic growth had a positive effect on a delayed recall test after adjusting for effects of processing speed and verbal knowledge. These results emphasize the role of cognitive abilities for individual differences in criterion-based dropout learning in old age.