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This study explores the complex relationships between social capital, STEM identity, belonging, and academic outcomes, specifically GPA, among undergraduate STEM students. While previous research has suggested that social capital, through supportive networks and community connections, might influence academic success, conclusive findings have been elusive. Our study contributes to this area by using Structural Equation Modeling (SEM) to analyze how various forms of social capital impact GPA through their effects on students' STEM identity and sense of belonging. We find that while social capital does not have a direct effect on GPA, it significantly influences both STEM identity and belonging. These factors, in turn, have a strong direct impact on academic performance. Our results indicate that the effects of social capital on academic outcomes are mediated by students' sense of belonging and their disciplinary identity, suggesting that fostering these factors may be key to improving STEM retention and academic success. These findings underscore the importance of social capital in shaping students’ experiences in STEM education, particularly in its role in promoting STEM identity and a sense of belonging, which ultimately contribute to better academic performance.