Early colleges are high schools that blend the high school and college experiences. They have been shown to increase college enrollment and completion; however less is known about the costs of the early college model relative to traditional high schools. We leverage randomized assignment of North Carolina students to early colleges to estimate the costs, benefits, and net benefits (benefits minus costs) to society of individuals earning credentials via the early college model relative to the traditional high school route. The societal costs for each student earning an associate or bachelor's degree are roughly $10,000 less per student for students in the early college model, largely attributable to these students earning more college credits at less expensive institutions while in high school and fewer credits at more expensive institutions after high school. Because early college students are more likely to earn a postsecondary credential, the average societal costs of education across all students in our sample were roughly the same for early college and traditional high school students, and the higher level of educational attainment on average for early college students resulted in larger net benefits for the early college model of nearly $16,000 per student. We found larger net benefits for first generation and economically disadvantaged students than their counterparts not in those subgroups.