Personal, educational, employment, and earnings data were collected from 45 matched pairs, each pair consisting of a Gaston Technical Institute graduate and a high school classmate who did not engage in post secondary education. The objective of the study was to estimate the functional relationship between 2 years of technical schooling and the incomes of the graduates. Initial interviews were held in the summer and fall of 1963 and a second interview was held in September 1964 to update the data. Regression analysis was used to control the sources of variance related to home and community environment, academic performance in high school, civilian and military experience, and investments in migration. Findings included: (1) The average total cost per technical graduate was $7,425, foregone income accounted for 70 percent of this amount, (2) Approximately one-third of this cost was paid from public funds, (3) Average adjusted first year earnings were $555 higher for the technical graduates, (4) Average monetary returns increased $161 per year for the first 4 years after technical schooling. (5) An estimated value of technical graduates' additional leisure time was $446 annually, and (6) Constant annual return projections to age 65 indicated a 16.7 percent rate of return for technical graduates, while similar projections based on differential annual returns indicated a 20.1 percent rate of return. The appendix includes the regression formula and design. (EM)