This paper uses the Euler Equation and novel data from Berea College students on their consumption expenditures during and after college, desired borrowing amounts, beliefs about post-college earnings, and elicited risk-aversion parameters to determine their consumption value of college attendance. Our preferred estimates suggest that the average annual consumption value of college is about $14,000 with some heterogeneity across students. Accounting for these benefits raises the average expected return to college by nearly 20% and substantially lowers the estimated willingness-to-pay for higher student loan limits.