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This quasi-experimental study examines the relationship between race/ethnicity and the college degree attainment of underrepresented racial minority (URM) students receiving a merit-aid scholarship. Using an institutional database from a highly selective public university, multiple statistical techniques were conducted to examine how degree attainment differed between the different groups of URM students. Evidence from this study confirms previous research identifying factors contributing to the looming achievement gap for Black and Hispanic students in higher education. More importantly, the results of this study highlight the importance of variation between Black and Hispanic students suggesting that the experiences of underrepresented groups are never monolithic; therefore, they require critical analysis of within-group and between-group differences, including those receiving a merit-based scholarship.