Despite the attention paid to two- to four-year transfer in college, much less is known about four- to two-year transfer. This study finds that 17 percent of four-year beginning students transfer to a two-year college within six years. Using eight years of state administrative data and the distance to two-year colleges as an instrumental variable, I found higher associate degree and certificate completion rates for transfer students relative to non-transfer students. There are also gains in the probability of employment for female transfer students, who tend to enroll in health-related programs and have a higher degree completion rate than men.