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Community college students on average will receive more economic benefit from their higher education if they complete an associate degree before transferring to a four-year institution, according to new research from the Community College Research Center at Columbia University's Teachers College. The study considered data on credit accumulation, completion and labor market returns for students from North Carolina's Community College System. One reason for the eventual pay-off of a two-year degree, according to the study, is that relatively few students who transfer early ever complete a bachelor's degree and therefore end up leaving college with no credential.