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Barbados is a small developing country that boasts one of the highest literacy rates in the world. This feat has been achieved as a result of substantial public subsidisation of education. By utilising the Mincerian method (1974), the paper estimates the rate of return to education (RORE) in Barbados. Given the level of public financing of all levels of education in Barbados (including university education), it is not surprising to find that university education has the highest private RORE. However, the implication of low social returns is worrisome, suggesting that government may need to rethink its policy on education in the future.