This study examines the relative stability and change in ethnic students' (Asian, Black, and Hispanic) social and academic expectations during their first year at the University of Massachusetts. The paper investigates how students' expectations were met by their actual experiences and whether students of different racial or ethnic categories differ in both their expectations and experiences. Given that the quality of students' first-year experience is an important factor in retention, this study provides further data to assist in the understanding of the phenomenon. Results of interviews (n=377) are provided from random samples of first-year students of six racial/ethnic categories early in their first semester of college and again at the end of their second semester. Analysis suggests that students of different racial backgrounds arrive at college anticipating different levels of academic success and levels of fitting in socially, and that, by the end of the first year, their expectations change in response to experiences. Contains 53 references. (Author)