Junior colleges are organized and controlled in three ways: by the county, by the public school district, or by the state. Little or no tuition, location within commuting distance, and an "open door" admissions policy means that many students can continue their education beyond high school. Further expansion of junior colleges will require allocation of substantial public funds. Benefit/cost analysis is one approach that can be used to facilitate decisions on the commitment of public funds. This study presents a benefit/cost analysis of a large, representative junior college. Enrollment figures and annual costs and benefits are given. Costs are estimated over 20 years, benefits over 40 years. The economic value of a junior college education is discussed in terms of wages earned by graduates and in qualitative terms. In view of the special characteristics of the junior college student body--such as lower income and a higher percentage of non-whites--completion of the 2-year program may lead to greater secondary benefits for the students and the community. (MS)