This paper examines the relative labor market gains for first-time college students who
entered the North Carolina Community College System in 2002–2003. We compare the
returns to diplomas, certificates, and degrees to the returns to some college credits. The
authors also investigate the returns to subject field, transfer, and the early trajectories of
wages. The analysis is based on student-level administrative records from college
transcripts, Unemployment Insurance wage data, and the National Student Clearinghouse …