Despite the many studies of student departure, colleges and universities continue to face difficulties in retaining underrepresented student populations. The authors argue that contemporary social integration and multicultural theories of student retention theory do not adequately address the academic needs of underrepresented students of color. Relying on case studies of student-initiated retention projects (SIRPs) at the University of California, Berkeley, and the University of Wisconsin, Madison, the authors develop insights into how student retention theory might be reconsidered for students of color. Three key components of SIRPs are discussed: developing knowledge, skills, and social networks; building community ties and commitments; and challenging social and institutional norms. Findings are then synthesized with theoretical constructs largely deriving from the work of Pierre Bourdieu, Frantz Fanon, and Paulo Freire. The result is a theoretical framework grounded in the concepts of cultural and social capital, collectivism, and social praxis. (Contains 2 tables and 6 notes.)