Yes, from the article: “ ROI must also consider counterfactual earnings, or what each student would have earned in a parallel universe where he or she did not

Yes, from the article: “ ROI must also consider counterfactual earnings, or what each student would have earned in a parallel universe where he or she did not attend college. Assessments of ROI often compare the earnings of college graduates to the earnings of the median high school graduate. However, this simple analysis is insufficient for an accurate estimate of ROI. People who choose to attend college are different from those who do not. The two groups have different earnings potential. The counterfactual earnings for a college graduate are likely to exceed the earnings of the median high school graduate. The same principle applies to different majors. Does an engineering graduate have high earnings because of his degree, or because engineering tends to attract people with scientific minds who would earn high wages no matter what? If so, an engineering major might have different counterfactual earnings than an English major. What about students who attend public colleges versus private colleges? Private college students often come from wealthier families. Are high earnings for private-college graduates due to the school, or due to family background?”