Determining the earning patterns of 2 major Southwestern groups--Anglos and Chicanos--the study assessed the relative values of higher education to each group. Male alumni between the ages of 22 to 55 from New Mexico State University were studied. Of the 30% response return in December 1972, approximately 89% were from Anglos and 11% from Chicanos. Data were compared for average salary according to age and year of entry into the university. The study found that recent Chicano graduates were earning less than Anglo graduates, although the difference disappeared in less than 10 years. It also concluded that less than a 4-year college education provided the Chicano with only marginal economic benefits, since those with 1 to 3 years of college earned only 10% more than high school graduates. Much of this might be explained by a dual labor market and low salary expectations, although evidence suggested that the financial ill effects of discrimination disappear with job experience. (KM)