Return on personal investment is an important factor affecting the decision to invest in education. This article analyzes the personal education costs of no-fee preservice students, estimates and forecasts the return on their personal education investment, and compares the costs and benefits of for-fee preservice students and nonteaching students. It finds that the expected return on personal investment in education is higher for no-fee preservice students than for-fee preservice students, but lower for nonteaching students. This finding has reference value for attracting more outstanding students to choose no-fee teacher education. However, given that the expected return on personal investment in education is lower for preservice teaching students than for nonteaching students, we recommend that the Chinese government consider diverse methods to encourage no-fee teacher education. Reducing the personal cost of education and increasing teacher salaries and subsidies, for example, would increase the expected return on personal investment in education, thereby attracting more outstanding students to the teaching profession.