The main purpose of the study is to investigate the academic performances of first-time freshmen vs transfers using affordability and the Heckman's model of self-selection. The method employed in this study is a quantitative research approach, which applies the regression analysis framework to test the main hypotheses that native students outperform transfer students, female students will have a higher GPA than male students, self-selection, and affordability may explain students' decision for postsecondary education. Overall, the findings suggest that female students outperform male students and native students post higher GPAs compared to transfer students. Furthermore, out-of-state and foreign-born students are frontrunners. Overload and old-student status show signs of academic struggle. Overall, results suggest self-selection is present and shall be accounted for the credibility of the academic performance model estimates. More research and data are needed to investigate self-selection, affordability, and academic success adequately. Until then, early financial literacy and adequate college preparation are paramount for students' academic performance. The results also reveal that community college transfer pathways offer one potential lever for institutions to increase access for underserved populations and are often bolstered through articulation agreements. As for policy implication, this study recommends states and institutions of higher education gradually rely on articulation agreements to streamline a seamless and successful transfer, while the effectiveness of those policies on transfer student outcomes remains unclear. This research has important implications for future studies and policy analysis that examines policy implementation such as the efficacy of articulation agreements may perhaps need to be more granular and involve practitioners and main stakeholders focus on student success. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://bibliotheek.ehb.be:2222/en-US/products/dissertations/individuals.shtml.]