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While many studies have attempted to gauge the degree of perceived social mobility in the United States, they often leave the mechanisms through which social mobility could be obtained unspecified. Scholars of education, however, have long held up the bachelor’s degree as that mechanism for social mobility. In the current study, I examine whether the American public endorses the idea of a college degree being the “great equalizer,” or the belief that, with a bachelor’s degree, one’s opportunity in life is independent of their social origins. To do so, I use original experimental data (N =978), to examine whether and how Americans differentially perceive the life chances of individuals described as being from either high or low SES origins depending on whether they obtain a college degree. I do so by randomly assigning respondents to conditions that vary the gender, social class origin, and educational attainment of individuals before asking respondents to rate the individual’s chances of achieving various positive life outcomes. Findings indicate that the public does perceive a college degree as beneficial to all, but particularly valuable for those from disadvantaged origins. Similarly, while social class origin was a significant predictor of the perceived likelihood of positive life outcomes for those described as being without a bachelor’s degree, it was not for those who were described as college graduates. These findings vary along important sociodemographic and political lines.