Using original survey data on subjective expectations, I study how highly educated young adults from lagging regions evaluate no migration, short-term migration, and long-term migration. First, I show that individuals anticipate sharp trade-offs: long-term migration delivers the highest career gains but large non-career losses, while no migration offers strong non-career advantages but weak career prospects. I then embed these expectations in a life-cycle utility model and perform counterfactual exercises. Results show that differences in expected non-career outcomes have larger effects on intended migration paths. Expected career improvements in the home region upon return are not perceived to be large enough to meaningfully influence the choice of short-term migration. Finally, I use the estimated preferences to assess policies that encourage short-term migration by guaranteeing better career prospects after return. These policies have stronger effects on those planning long-term migration than on those planning no migration. Matching these effects with cash transfers requires large payments and produces lower welfare among switchers. A follow-up survey four years later validates the expectations data by showing that expectations strongly predict realized migration choices and outcomes.Presented at: SOLE (Philadelphia, May 2023), BSE Summer Forum (Barcelona, June 2023), Workshop on Subjective Expectations (Bocconi-Milan, June 2023), Workshop on Migration and Family Economics (IESEG-Paris, June 2023), EEA-ESEM (Barcelona, August 2023), EALE (Prague, September 2023), WB-IDB HUMANS Seminar (Washington, March 2024), CUNEF Universidad (Madrid, April 2024), Jornadas de Economía Laboral (Barcelona, July 2024), CERGE-EI (Prague, December 2024)