The returns that Kentucky can expect on its investments in higher education were examined in an analysis that identified some of the social benefits accompanying earning a degree from a four-year college and established a value for those benefits. The analysis was based on 12 models that were estimated by using datasets from semiannual surveys of Kentucky residents conducted by the University of Kentucky Survey Research Center. The following were among the benefits identified: (1) economic benefits in the form of higher earnings and higher state and federal tax revenues to fund tax-supported programs; (2) reduced welfare dependency; (3) lower crime costs; (4) healthier lifestyles; (5) social gains, including increased volunteerism, charitable giving, and participation in and leadership of community organizations; and (6) various immeasurable benefits, including reading to children and increased levels of participation in cultural activities. The lifetime social benefits of a four-year degree were estimated at more than $126,000 for men and $96,000 for women. (Twenty tables/figures are appended. The following items are appended: (1) descriptions of the Kentucky survey data and models; (2) an estimate of the additional federal and state tax revenues resulting from participation in higher education; and (3) expected costs of incarcerating men and women in Kentucky.) (MN)