Investment in education is a leading human capital investment. People become productive workers providing them employment opportunity and greater income. Today, colleges and universities have offered numerous study programs in response to changes in labor market expectations and values placed on different study programs by students. In other words, expected career and income after graduation strongly affect the decision on what college study program to pursue. This study examines the economic value of higher education in Thailand, based on human capital theory, through monetary benefits resulting from investment in undergraduate education, that is, lifetime individual incomes and returns on investment in different study programs. The factors explaining students’ expected income after graduation will be studied as well. Empirical results from the survey of 1,553 students and 1,498 graduates for a total of 3,051 (current and former) students at Ubon Ratchathani University have founded that three groups of students (humanities and social science, science and technology, and health science) expect different income after graduation. Those in health sciences expect the highest, followed by those in science and technology, and the smallest for those in humanities and social science. For students whose fathers earn high incomes expect a high income possibly due to family’s financial success would motivate students to study as much as possible to get a good job and high pay. Similarly, students whose mothers are college graduates would expect higher incomes. Because mothers are good role models and encourage their children to pursue higher education for financial success in the future. Male students expect more income than their female counterparts. Age-Earning Profile (AEP) and Net Present Value (NPV) of graduates are found to be different. The highest are health science graduates (AEP 28,994,213 Thai Baht (THB) and NPV 3,686,451.17 THB), followed by science and technology (AEP 17,615,437 THB and NPV 2,929,430.10 THB) and humanities and social science (AEP 7,528,562 THB and NPV 1,567,771.67 THB). Note that the shape of AEP for health science differs. Jacob Mincer states that labor productivity diminishes as they get older. It is, however, the case for health science graduates, i.e., their AEP is convex to the origin – their skills and productivity grow with more years of experience and on-the-job trainings. On the Internal Rate of Return, science and technology earns the highest rate (13.43%), followed by health science (11.46%), and humanities and social science (11.19%). Despite the highest lifetime income and the highest net present value for health science professionals, their higher cost of study turning their internal rate of return somewhat low.