We exploit data on the future earnings students at high school completion expect to receive with and without a college education, together with information on learning achievement and college outcomes, to study the benefits from admission into a system of elite public high schools in Mexico City. Using data for the centralized allocation of students into schools and an adapted regression discontinuity design strategy, we estimate that elite school admission increases the future earnings and returns students expect from a college education. These gains in earnings expectations seem to reflect improvement in actual earnings opportunities, as admission to this elite school system also enhances learning achievement and college graduation outcomes. This provides evidence of the earnings benefits from attending elite schools.