In today's climate of polarized racial tension and increasing resegregation in our nation's communities, it is vital to improve the level of education about race and to counter the racism that often exists when white people talk about or interact around race. Two approaches have been identified as helpful: white people learning about race and racism with people of color and white people learning solely with other white peers. In this article, we examine white students' understandings of the nature of privilege, racism, power, and oppression when enrolled in one of two types of semester-long, credit-bearing racial dialogues: (a) intergroup dialogues, composed of an equal number of white students and students of color and (b) white racial identity dialogues, composed solely of white students. In addition, we address students' reactions to dialogic dynamics and activities. To do so, we utilize student papers written at the beginning and end of the semester and postsemester interviews. The results indicate that white students make significant gains in their knowledge about privilege, racism, power, and oppression in both settings. They experience greater comfort, safety, and a deeper understanding of their white identity in the white-only dialogue, but also a greater sense of abstraction and lesser authenticity about interracial matters. Students in the interracial dialogue more often experience conflict and dissonance, but demonstrate learning more about racial power, privilege, and oppression and report feeling more empathic about the life experiences of students of color.