This report examines the individual and societal benefits of attending college, providing a broad overview of the range of benefits that accrue from college education. It includes a brief historical discussion of the benefits of higher education and the role of state and federal governments in encouraging college attendance. The report then reviews: (1) public economic benefits, including increased tax revenues, greater productivity, increased consumption, increased workforce flexibility, and decreased reliance on government financial support; (2) private economic benefits, including higher salaries and benefits, high employment levels, higher savings levels, improved working conditions, and personal/professional mobility; (3) public social benefits, including reduced crime rates, increased charitable giving, increased quality of civic life, social cohesion, and improved ability to adapt and use technology; and (4) private social benefits, including improved health/life expectancy, improved quality of life for offspring, better consumer decision making, increased personal status, and more hobbies and leisure activities. The report concludes that diminishing support for higher education's diverse benefits would have a negative consequence on the nation's ability to prosper and succeed. (Contains 47 references.) (MDM)