The purpose of this paper is to evaluate the value of the tangible and intangible outcomes for farmers college education program operated by Korea Rural Development Agency and analyse the factors influencing their outcomes. Using Double-Bounded Dichotomous Choice Contingent Valuation, we assess the economic value of the education program and estimate the income contribution rate per hour of the education with contingent value method. We surveyed 341 farmers graduated from the education program and collected data about their socio-demographic characteristics and satisfaction in the education program. The main findings are as follows. First, high-income farmers were found to obtain higher tangible and intangible outcomes from the education program than low-income and middle-income farmers. Second, farmers who voluntarily participated in the education program and who were satisfied with the education curriculum and facilities were found to have higher outcomes than those who otherwise. Finally, the economic value of the education program was estimated to be 47,000~48,000 won per hour. Based on these findings, it is necessary to operate education programs customized to each farmer according to his/ her income or farming size in order to increase their performance and economic value. Considering the farmer’s evaluation of the education program, agricultural education programs needs to be operated constantly in the long-term perspective.