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This four-year longitudinal study examined the associations between the changes in stereotype vulnerability and motivation in 416 underrepresented minorities (URM) enrolled in an elite university. Latent growth curve analyses indicated that students’ stereotype vulnerability and cost perceptions increased during college, whereas their competence beliefs, intrinsic-value, attainment-value, and utility-value declined. Parallel growth analysis revealed that higher second-year stereotype vulnerability was related to lower intrinsic-value and higher effort-cost in the second year as well as a decrease in attainment-value and utility-value and an increase in cost perceptions throughout college. These findings shed light on how changes in stereotype vulnerability relate to URM’s declining motivation in STEM, a key relation for understanding URM STEM persistence that has not been previously studied.