Using the Beginning Postsecondary Student Survey and Transcript Data, we find no statistically significant differential return to certificate or Associate's degrees between for-profits and not-for-profits. Point estimates suggest a slightly lower return to a for-profit certificate and a slightly higher return to a for-profit Associate's degree, largely because more students at not-for-profits earn a BA, making them less likely to have only an Associate's degree. There is considerable variation in the return to certificates/degrees across majors, including many with negligible or negative returns. Differences across fields are large relative to differences across institution types.