Cumulative grade-point averages (GPAs) of all two- and four-year public and private college transfers who graduated from the University of North Carolina at Chapel Hill during the academic year 1974-75 were compared with those of native students after controlling for academic aptitude through a multivariate analysis of covariance procedure. No significant differences in GPAs exist between native and two-year transfer students; but four-year transfer students had significantly higher GPAs than native students. It is concluded that there is merit in the argument that lower division programs in four-year colleges add appreciably more "value" than comparable programs in other institutions. (Author/MSE)