The purpose of this study was to use human capital theory to develop a policy approach towards college student migration in Illinois. A rate of return analysis revealed the social rate of return for college student migrants who return to Illinois and the private rate of return was 15.95%. It was estimated that due to college student migration in Fall 2000, Illinois lost 4,781 college graduate residents. The economic impact of this in terms of lost lifetime tax dollars to the State of Illinois from college student migration was estimated to be $776,400,930. Policy recommendations included mission differentiation, incentives for residents and non-residents to enroll at Illinois institutions, and encouraging college graduate residence in Illinois. (Contains 24 tables and 5 figures.) [Ph.D. Dissertation, University of Illinois at Urbana-Champaign.]