We analyze the determinants of subjective returns of higher education in Colombia.
The information on expectations has been collected in categories, motivating the use of
interval regression and an ordered probit approaches for modeling the relationship between
beliefs and measures of ability, conditioning on individual, school and regional covariates.
The results suggest that there are considerable differences in the size of the expected
returns according to some population groups and a strong dominance of college against
technical education. Gender gaps disappear in college education but it is found that girls
tend to believe that professional wages are more concentrated into higher income categories
than boys. Finally, it seems that Colombian students overestimate the pecuniary returns
to education.