Concerns regarding the costs associated with earning a college degree are prominent in the national discourse. However, there is little discussion of the highest cost associated with earning a college degree: foregone earnings. The purpose of this mixed methods study is to explore first-time-in-college (FTIC), first-year, traditional-age students’ perceptions of foregone earnings during the college search process. This study also addresses a gap in the literature related to students’ consideration of the topic during their search. 13 students were invited to participate in an interview. 10 students accepted resulting in a 77% response rate (N=10). Drawing on human capital theory, the stimulus response model of higher education consumer behavior, and the Perna (2006) conceptual search and choice model, interview data was electronically coded and analyzed in ATLAS.ti© to uncover qualitative themes and quantitative insights. Research concluded that students perceive foregone earnings in terms of time, completion, and loss of money and opportunity. Additionally, this study concluded that students’ search and choice behaviors were largely irrational when considered alongside human capital theory; a finding consistent with the work of consumer behaviorists. Finally, a new model termed the ‘combined analysis model’ is proposed to guide future investigation into the phenomena.