A study of the transfer trends within an eight-campus higher-educational system was conducted over a 20-year period during which tuition increased at varying rates. The results indicate that, other things being constant, students choose the least expensive education even under moderate inflation-adjusted tuition increases. The results also indicate that it is the absolute difference rather than the percent difference in cost between four- and two-year institutions that correlates with the transfer to the less expensive institution. (Contains 2 tables and 4 figures.)