Government agencies typically apply a general value of statistical life (VSL) estimate when performing cost-benefit analysis (CBA). However, theory suggests that college students attach a value to statistical lives that differs from society's VSL; therefore, CBA may lead to inefficient levels of risk reduction among students. A contingent valuation survey of 137 students was conducted to calculate Utah State University students' VSL; the sample's representativeness enables statistical inferencing. Regression models indicate that the students possessed an adequate understanding of mortality risk reduction. The students' inferred VSL of $2.96 million is significantly lower than the $5.4 million societal estimate computed by Kochi et al. (2006). This suggests that students are required to pay more for risk reduction than they are willing. (Contains 7 tables and 6 footnotes.)