How much would it cost and what would the benefits be if blacks and Hispanics graduated from high school, went to college, and graduated from college at the same rate as non-Hispanic whites? The answer to this important question for the future of the nation is explored in this report. The costs of education would be high, increasing by about 20 percent in California and 10 percent in the rest of the nation. But the benefits, in the form of savings in public health and welfare expenditures and increased tax revenues from higher incomes, would be even higher. Indeed, the added costs of providing more education to minorities would be recouped well within the lifetime of taxpayers called upon to make the additional investments. The nation is experiencing a rapid immigration driven increase in the share of Hispanics in the school age population.