In December 2012, the Texas Guaranteed Student Loan Corporation (TG) released a report outlining an unexpected set of conclusions. Citing data from the U.S. Department of Education's Baccalaureate and Beyond (B&B) study, the report found that, among students who earned bachelor's degrees during the 2007-2008 academic year (AY) and borrowed student loans, those who first enrolled at public two-year institutions (community colleges) and then transferred had unexpectedly high levels of cumulative student loan debt relative to students who had first enrolled at the same institution that later granted them a bachelor's degree ("natives"). At public universities, the median transfer student ("transfer") had borrowed only $100 less than the median native student since beginning postsecondary education, while at private, nonprofit universities, the median transfer student borrowed a full $2,000 more. This follow-up report describes the research that was conducted to reach these conclusions. It provides a counterfactual descriptive analysis of demographic and behavioral variables that have a hypothetical connection to borrowing and/or grant awards, followed by a set of regression models. While this counterfactual analysis fails to provide an accurate assessment of relationships between background variables and borrowing, it is included in order to demonstrate the methodological pitfalls of purely descriptive research and the extent to which covariance and institutional factors complicate patterns and require regression analysis. Regression models control for the covariance that prevents deriving clear results from the descriptive analysis while also taking institutional factors into account. Institutional factors are examined further using Integrated Postsecondary Education Data System (IPEDS) data, which suggests that enrollment patterns account for only part of the independent reduction in grant aid associated with transfer. After presenting these analyses, the report summarizes key conclusions and briefly offers suggested implications for students, counselors, and policymakers.