This study examined whether there are significant differences in the academic performance and graduation rates of undergraduate transfer students compared to students who entered the general campuses as first-time freshmen in selected 2- and 4-year campuses in Colorado. Four student cohorts were studied within three campuses (Boulder, Denver, Colorado Springs) of the University of Colorado system, and a comparison of their performance was made involving grade point average (GPA), mean term credit load, graduation rates, and retention/drop-out rates. Findings revealed that there are significant differences between the academic performance and graduation rates of in-state, first-time freshmen and transfer students. In comparison to the freshmen students who survived to their second year, the transfer cohorts: (1) had a lower graduation rate; (2) had a lower percentage attaining a 2.0 GPA or better in their first year; (3) took a lower student credit hour load; and (4) brought between 31 and 39 transfer student credit hours, while the surviving freshman cohorts brought a median of 30 credit hours to their second year on the Boulder campus and 27 credit hours at the Colorado Springs and Denver campuses. (GLR)