A growing number of students, called reverse transfer students, attend community colleges at the same time they are enrolled at a four-year institution or after they earn a bachelor's degree. This article explains the motivations and effects of reverse transfer on both students and institutions, and it discusses the potentially positive consequences of reverse transfer in relation to community colleges' multiple missions. Future empirical analyses of the efficiency and equity effects of reverse transfer are critical for developing effective institutional interventions and helping state policymakers to design more coordinated higher education systems that enhance student and institutional performance.