This dissertation's two primary purposes were to construct an alternative socioeconomic status model and estimate how it predicts student success in higher education. This research filled a gap in knowledge about the widely acknowledged disparities in higher education based on socioeconomic status. Prior research has often relied on parental education (i.e., first-generation status) or parental income to understand differences in student success. My research demonstrated that an alternative model using survey data is robust and provides an accurate representation of students' socioeconomic statuses. This dissertation relied on an item-set administered by the National Survey of Student Engagement in Spring 2020, which focused on socioeconomic status and cultural capital. The sample included over 10,000 first-year and senior students from 30 bachelor's degree-granting institutions in the United States. The structural equation modeling results proved that socioeconomic disparities in higher education remain prevalent and revealed some important nuances for consideration. First and foremost, there was strong empirical evidence to support the use of an alternative socioeconomic status model that included self-reported measures of economic capital, social capital, and cultural capital. Alternative socioeconomic status was also a statistically significant predictor of student engagement in higher education. In other words, students with higher alternative socioeconomic statuses reported higher engagement indicator scores and more participation in high-impact practices. Based on the findings of this study, I offered several implications for stakeholders across higher education. In particular, the confirmatory results of the first research question related to the alternative socioeconomic status model offer a useful tool for future higher education and survey research. The findings of the second research question, related to the magnitude of the socioeconomic disparities in student success, are especially relevant for institutional leaders, college ranking publications, accreditation bodies, and the U.S. Department of Education. For each of these stakeholders, I provided a detailed overview of how the information in this dissertation could inform meaningful action to address socioeconomic disparities related to student success in higher education. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://www.proquest.com.bibliotheek.ehb.be/en-US/products/dissertations/individuals.shtml.]