Most studies on the benefits of participation in undergraduate research (UGR) use data from student participants in undergraduate research programs (URPs), which offer a limited number of positions. In reality, however, the majority of UGR students participate in undergraduate research not in programs (URNPs). The authors conducted an institution-wide study at a Hispanic-serving institution to examine the relationship between academic success and participation in these two UGR modalities. Although there were some differences between URPs and URNPs, participation in research at this institution was largely equitable and inclusive, with UGR demographics that reflected those of the institution, and it was positively associated with increased benefits along multiple academic metrics, regardless of UGR modality. Importantly, these increases were observed for both first time in college and transfer students.