This study used data from the national study of the Cooperative Institutional Research Program (CIRP) to investigate the impact of college on income, educational aspirations, and educational attainment for students from low socioeconomic status (SES) backgrounds compared to those from high-SES backgrounds. The study was based on concepts of cultural capital and habitus developed by Pierre Bourdieu (1977, 1990, 1994). Data from CIRPs 1985 Freshmen Survey, the 1989 Follow-Up Survey, and the 1994 Follow-Up Survey resulted in a sample of 12,000 subjects that responded to all 3 surveys. The second part of the research used stepwise regression analysis to determine variables associated with graduate school attendance for all students, low-SES students, and high-SES students. The analyses showed that 9 years after entering college, students from low SES backgrounds had lower levels of income, educational attainment, educational aspirations, and graduate school attendance than their peers from high SES backgrounds. Race had no significant impact nor did college selectivity for low SES groups. Selectivity of college did impact educational aspirations for high SES groups. (Contains 64 references.) (JLS)