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The transfer function is comprised of the characteristics of the system that supports student transfer among higher education institutions. Student transfer is complex; although students meet competencies and learning outcomes—measured as courses, credits, and grades represented on a transcript—it is difficult to translate the learning experience across institutions. Once students send their transcripts to another institution, the institution begins to scrutinize the academic course work to determine how the credit will articulate to courses at the receiving institution. Understanding the transfer function allows strategic enrollment management (SEM) practitioners to develop goals, strategies, and tactics that support transfer student enrollment and success.