College promise programs, also known as free college initiatives, have the potential to address structural barriers to college access and enrollment in terms of financial, academic, and informational. The current literature indicates that these programs generally increase educational outcomes, but no prior studies have explored the overhead costs to administer promise programs, despite vastly different program scales and design features. In this article, we evaluate the cost-effectiveness of alternate college promise programs in six states that subside college cost and increase postsecondary enrollment. By analyzing data from multiple sources, including published program impact studies and IRS Tax 990 Forms, our findings document wide variation in cost-effectiveness ratios between programs, which reflects differences in societal investments, program design and implementation, as well as target student characteristics. Some programs achieve similar outcomes at a much lower cost, demonstrating high cost-effectiveness; while others require similar levels of resources but are far more effective in improving enrollment, highlighting differences in economic efficiency. Identifying more efficient use of public and private resources within college promise programs can help close attainment gaps and promote more equitable higher education outcomes.