What's a college education worth these days?

The question obviously is of interest to millions of students who now find themselves taking out loans, taking on part-time jobs and juggling their schedules to accommodate classes and homework.

It's also of concern to millions of parents, many of whom are crimping on their own finances to help make it happen for their kids.

By one measure, the short answer is that college graduates can expect somewhere around $450,000 in additional lifetime earnings compared to their friends with only high-school diplomas.

But that answer doesn't really do the question justice. In many respects, the value of a college degree is much higher, especially when you factor in less-obvious aspects such as health, civic involvement, workplace benefits and even attitudes on life.

The College Board, a New York not-for-profit group, aims to measure the economic and related values of a college education in a new report.

The group perhaps isn't the most unbiased organization to underwrite such a study, given that its mission is to connect students to "college success and opportunity."

Still, it's hard not to read this study and come away with the feeling that higher education usually pays off, often in ways that you might not realize.

For example, how many students are looking ahead to enhanced workplace benefits as they trudge off to classes? Probably not too many, yet better retirement and health coverage is one likely outcome of a college education.

Specifically, the study found 67 percent of college graduates enjoy health insurance through work, compared to 51 percent of employees with only a high-school diploma.

Similarly, 69 percent of college graduates have access to retirement plans on the job, vs. 53 percent of workers who stopped their education after high school.

College grads also are more likely to participate in such programs, by a margin of 7 percentage points. Since 401(k)-style retirement plans require workers to ante up some of their own cash — and since college grads earn more — it follows that their participation rate should be higher.

Then there's health.

More college grads describe themselves in excellent or very good health compared to adults with less education. They also claim to exercise more and smoke less. Only 9 percent of college grads say they smoke, compared to 26 percent of those with a high-school diploma.

College grads also appear to vote, volunteer and give blood more, according to the study, while professing greater tolerance for the opinions of others.

Higher education also seems to pay off for society in other ways, with college grads more productive and paying higher taxes than other workers.

They are also less likely to be unemployed, living in poverty or requiring public assistance.

Some of these behaviors and traits are difficult to measure and even harder to credit to educational attainment, the College Board concedes.

Still, the study offers support for the value of a higher education beyond a mere paycheck.

But speaking of paychecks —the primary motivation of most college students — the evidence seems clear. College graduates can expect to earn about 61 percent more over their lifetimes than workers with high-school diplomas.

Grads who pursue advanced studies tend to put themselves even further ahead.

The lifetime-pay gap widens to 93 percent more for grads with a master's degree, 137 percent more for doctoral degrees and 187 percent more for medical and professional degrees.

The College Board pegs the value of a four-year degree as worth an extra $450,000 in average lifetime earnings in today's dollars, and $570,000 for people earning advanced degrees.