Community colleges play a critical role in the pathway to a baccalaureate degree for millions of students, especially among women and ethnic minorities. This study investigates the complexity of the transfer experience among students who began their postsecondary education at a 2-year college and transferred to a large 4-year university. Specifically, the goal of this study was to move beyond the "transfer shock" concept by examining the role and relevance of "transfer student capital" for student retention. Using the L-TSQ instrument, the 133-item online survey reported data from over 900 students regarding their demographic characteristics, community college experiences, and university experiences. Two hypotheticals were employed to understand the factors that influence academic and social transfer adjustment. The findings of this study inform student affairs professionals, admissions officers, retention programs, students, and faculty. (Contains 3 tables and 2 figures.)