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Using data from nearly 1.2 million Black SAT takers, we estimate the impacts of initially enrolling in an Historically Black College and University (HBCU). We find that students initially enrolling in HBCUs are 14.6 p.p. more likely to earn a BA degree, have 5% higher household income, and also have more student loans than students who do not enroll in HBCUs. Along with exploring other new outcomes measured around age 30, we find that these results are driven by relatively broad-access HBCUs that offer a pathway a four-year degree in lieu of common alternatives – no college or two-year colleges.