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Although research on cost perceptions is flourishing, surprisingly little is known about the cost landscape for underrepresented college students (URS). We used a mixed-methods approach with liberal arts students to (a) compare cost perceptions among 113 URS and 303 non-URS via survey measures and (b) explore the challenges, assets, and support resources leveraged by 14 URS via semi-structured interviews. URS students reported higher overall costs than non-URS, with psychological costs looming especially large. Thematic analysis showed that URS experienced a complex set of costs (identity liminality, academic unpreparedness, insufficient institutional supports) and utilized a rich set of assets (values-driven engagement, self-reliance, community grounded supports). Findings provide a nuanced picture of URS’ motivation that can inform culturally responsive theories and practices.