The value of education probably is one of the most frequently examined questions by economists since the canonical work of Jacob Mincer 40 year ago. In the classical economic framework, the value of education is discussed as the return to investing in human capital. Individuals invest by paying tuition, fees, and foregoing earnings while in school. In return, they expect to receive higher earnings over their lifetime. Economic studies on this topic are collectively referred to as the ‘returns to education’ literature. Although Mincer was focused only on earnings, economists no longer restrict the returns to education to financial returns, and have also examined outcomes such as health, longevity, and psychosocial characteristics.