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A well-established finding demonstrates that college graduates have similar labor market outcomes, regardless of their socioeconomic (SES) background. Consequently, a college degree is hailed as the “great equalizer.” However, growing evidence suggests that socioeconomic origin continues to shape labor market outcomes even after graduation. We argue that failing to account for hidden barriers to both college attainment and later success inflates the degree’s presumed equalizing effect. After formally demonstrating the potential impact of unobserved selection processes, we present new analyses that explicitly control for their impact on the relationship between college education and intergenerational mobility. Drawing on data from the National Longitudinal Survey of Youth, we find evidence that casts doubt on the “college as equalizer” thesis. After correcting for unobserved selectivity, the intergenerational SES associations are remarkably similar for college graduates and nongraduates; in some cases, they are stronger for college graduates. These findings call for rethinking the assumption that a college degree alone levels the playing field and underscore the continuing importance of family background in shaping labor market trajectories.