The study attempted to determine the transfer patterns of students in four-year colleges and universities in order to understand the forces influencing transfer behavior and the choice of institutions. A short survey was mailed to 203 students selected from a large sample from which ambiguous results had been obtained in an earlier survey. After responses were received, the sample was further refined, leaving a smaller but reliable sample of students who entered different baccalaureate institutions in 1987 and subsequently transferred to a different higher education institution in the United States. Among the findings were: (1) half the students were satisfied with their initial college, largely because 65% were already attending their first choice; (2) transferring from four-year to two-year colleges was primarily due to finances; (3) students attending college for economic reasons, i.e., to get a better job and earn more, transfer more often to public institutions than to private; and (4) students may transfer due to realigning their goals. Four factors that influenced second institution choice were: effects from attendance at the initial institution; academic performance; college finances; and academic climate. Suggested areas of future research involve studying a variety of measures of academic and social involvement, the role of finances, and comparing the educational experiences of baccalaureate transfers with baccalaureate persisters. Tables detail study findings. Contains 24 references. (GLR)