This report explains some of the ways the payoff of postsecondary education can be measured and provides insights into why there is confusion about that payoff, despite strong evidence. Focusing on the variation in outcomes across individuals helps to clarify that the existence of the high average payoff, and the reality of significant benefits for most students, is not inconsistent with disappointing outcomes for some. The authors hope to put the disturbing stories of this relatively small segment of students into context and to direct attention to improving opportunities for all students. This report explains some of the concepts and complexities that underlie analyses of the benefits of postsecondary education and clarifies the different assumptions and definitions that affect measured outcomes. The aim is to provide background and context for readers to help them become more active and constructive participants in discussions of the role of higher education in the United States. This report provides data to elucidate some of the conflicting statements and views often found in public discussions of the value of postsecondary education. The following guest essays are included: (1) Learning Begets Learning: Implications for Higher Education (Michael McPherson); (2) What Is Equity in Higher Education? (Harry Brighouse); (3) Messages on My Wall: The Core Features of a Liberal Arts Education (Howard Gardner); (4) Higher Education and the Opportunity Gap (Isabel Sawhill); and (5) Education Policy in an Era of Changing Opportunities (David Autor and David Dorn). (Individual essays contain references.)