Abstract
This paper shows that when student heterogeneity is introduced in the analysis, differences in the quality of education and in the probability of repetition, typical in developing countries, mark the contrast between an attractive and an inconvenient investment in education. The methodology associates educational quality
 and repetition rates with educational returns. In particular, it makes apparent that lower secondary education, in the case of Uruguay, is an inconvenient investment for disadvantaged students, even disregarding the possibility of such students not being able to afford the opportunity costs, this fact probably also explains the
 heavy dropout rates of this student type in many developing countries.
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