The College Board's Washington Office hosted a lively panel discussion on Capitol Hill in September, to coincide with the release of its 2007 report, "Education Pays", which delineates the significant rewards that higher education bestows on its recipients and on society as a whole. The event drew a standing-room-only crowd that included higher education representatives, Capitol Hill staffers and members of the press.

Those in attendance were intrigued to learn all of higher education's remunerations, both monetary and nonmonetary. Many were most interested in how the value of college can affect voting patterns, level of participation in pension plans and socially valuable behaviors. "Your ability to communicate well is more important when the rest of your community can communicate well," said Suzanne Morse, president of the Pew Partnership for Civic Change.

The panel - which included Morse; Sandy Baum, College Board senior policy analyst, professor of economics at Skidmore College and coauthor of the report; and Mike McPherson, president of The Spencer Foundation — supported the facts of the report by discussing how graduates earn higher incomes, volunteer at higher levels and pursue healthier lifestyles. Richard Whitmire, USA Today editorial board member and writer, moderated.

The 2007 "Education Pays" report outlines the benefits of college and postgraduate degrees, from earnings to pension plans and overall community vigor. Higher education yields a high rate of return for students from all racial/ethnic and socioeconomic groups, for men and for women and for those from all family backgrounds.

"Higher education's broad payoff - which includes both monetary and nonmonetary benefits — should motivate U.S. policymakers to work toward improving access to postsecondary education for all segments of the population," said College Board President Gaston Caperton.

Eighteen-year-olds who exit the workforce to attend college and borrow the full tuition at a public institution can earn enough in their first 11 years after college to fully recoup their investment. Health benefits and pension plans also supplement a graduate's personal earnings, as the availability of employer-sponsored benefits increases with every level of education completed. Almost 70 percent of full-time employees with at least a bachelor's degree have access to pension plans, while only 53 percent of high school graduates have that access. The percentage drops to 32 for employees who do not have a high school degree. As education levels increase, the level of participation in available pension plans increases as well.

Postsecondary education for the individual also delivers a high rate of return for society. College graduates exhibit more health-conscious behaviors. Civic participation, such as volunteering, voting and donating blood, increases with levels of education, and lower unemployment and poverty rates are evidenced. Socially valuable behaviors, such as tolerance for the opinions of others, also seem to increase with education. A more educated workforce ultimately leads to higher wages for all.

"In the current climate of rising college prices and budget constraints at all levels of government, it is particularly important that the benefits of higher education receive as much attention as the costs," said Caperton. "[This study illustrates] the role of higher education in creating opportunities for students and in strengthening our country as a whole."