The problem of the study centers on determining the level to which such latent functions of education are materialized for university graduates. The study was conducted on a total of 231 graduate students undertaking a thesis or non-thesis Master's degree at Erciyes University School of Social Sciences. Data was collected by using a questionnaire developed by the researcher. It included 24 items belonging to 5 factors effective in determining the latent functions of education. The findings of the present study show that educational institutions are partially successful in creating peaceful life conditions, providing a higher social status and eliminating negative attitudes and behaviors. However, the findings show that universities are not equally effective in forming a network of friends and social contacts and meeting future marital partners, suggesting that educational institutions are unable to meet these latent functions. Another important result has been that the location of the university and pursuing a master's degree are not highly significant variables in determining the latent functions of education. The results show that educational policy-makers should consider the latent functions of educational institutions as well as their manifest functions. Therefore, curriculum planners, administrators and teachers should all make it their priority to prepare their students for real life and to raise better individuals. An important responsibility of high schools and universities is to equip individuals with job skills required to earn a living; however, developing human skills should not be neglected in the meantime. (Contains 6 tables.)