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Two studies examined how SES and ethnic-racial identity (ERI) affect well-being and status uncertainty among Black and Latinx students at a predominantly white institution. Study 1 found that students with lower SES and lower ERI affirmation reported worse well-being and greater status uncertainty when facing discrimination. Conversely, those with higher ERI affirmation exhibited more symptoms of depression, and those with higher SES experienced more anxiety. Study 2 experimentally manipulated SES and ERI perceptions, finding that consistent positive cues about ERI and SES reduced status uncertainty, especially for lower SES individuals. However, conflicting cues had a more significant impact on well-being. These studies highlight differences in how Black and Latinx students with varying SES and ERI perceive and respond to discrimination.