The effects of additional years of education on earnings, employment prospects, and work establishment are analyzed, based on information contained in the Survey of Income and Education conducted in the spring of 1976. The effects of additional years of education upon earnings are translated in a variety of ways: less unemployment, higher wages for older workers, and the ability to command higher earnings while working fewer hours. Data are presented that show the weighted number of persons in the labor force, by level of education, among target groups. In most categories, the small number of workers in an age/education group limits statistical comparisons. The earnings of workers with different levels of education vary by age and sex, and also by whether they work full-time/full-year or have a lesser commitment in the labor force. The effect of education on earnings is also examined using a variety of regression techniques or models. One model attempts to explain differences in the earnings of full-time/full-year workers as a function of their level of schooling, their experience, the number of hours worked, and whether they live in the South. A second model attempts fo pinpoint the differential impact of grade school and postsecondary education upon earnings. This impact is measured for all workers, whites, minorities, handicapped, or non-English language background. The third model takes into account the amount of schooling, weeks worked, hours worked, the effect of public employment, and that of experience. A fourth model attempts to estimate the impact of education on earnings by major occupational groups in the labor force in 1975. The rationale for the models, findings, and implications for public policy are examined. (SW)