A study was undertaken of transfer students in postsecondary institutions, based on data from the base year and first and second followups of the National Longitudinal Study of the High School Class of 1972. Its specific objectives were to: (1) obtain national estimates of the number and proportion of students in the categories of four-year to four-year institution (4-4) transfers and two-year to four-year (2-4) transfers; (2) compare 4-4 transfers with students who entered and persisted in a single four-year institution; and (3) compare 2-4 transfers with students who entered and persisted in a single four-year institution and with students who remained in the two-year college. Important findings were that: (1) 4-4 transfers had better achievement in college and were higher in socioeconomic status, although their precollege aptitude tests were lower; (2) 2-4 transfers were extremely different from four-year nontransfers in almost every respect, presenting a profile of an average student with limited financial resources; and (3) 2-4 transfers had, however, significantly higher grades and SES scores than two-year college presisters. (Author/MSE)