I analyze interview data collected from 16 students who were involved in a student-led group for low-income, first-generation, and/or working-class (LIFGWC) students at an elite liberal arts college. I find that students' assumed class identities on campus are tied to their racial identities. Specifically, students of color are overwhelmingly assumed to come from low-income backgrounds and White students are assumed to possess class privilege. Because of this, students of color report feeling further marginalized and White students feel as though their identities and needs as LIFGWC students are ignored. I examine how this conflation of race and class is encouraged by institutional practices as well as question the extent to which students are able to successfully organize around social class.