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College completion is widely viewed as a pathway to better mental health, but the benefits of higher education may not be equally shared across racial/ethnic groups. This study extends existing research by explicitly comparing Black, White, Asian, and Hispanic adults in a recent nationally representative sample and by highlighting especially weak mental health benefits of education for Hispanic adults. Building on marginalization-related diminished returns research, we ask whether earning a bachelor’s degree or higher (BA+) is associated with lower depressive and anxiety symptoms, and whether these associations differ for Black, White, Asian, and Hispanic adults in the United States. We analyze adult data from the 2023 National Health Interview Survey (NHIS) (N = 27,173) and measure depression and anxiety using the PHQ-2 and GAD-2 screeners. We estimate survey-weighted logistic regression models with education-by-race/ethnicity interactions, adjusting for age and sex, and derive predicted probabilities. College completion is associated with lower odds of depression and anxiety overall, but associations vary across groups. The BA+ advantage is largest among White adults, smaller among Black and Asian adults, and minimal for depression among Hispanic adults; for anxiety among Hispanic adults, estimates do not indicate a protective effect of education on mental health.