This study examined the college attendance and degree completion rates of black and white students using census data and data from the class of 1980 of the High School and Beyond Study. Introductory information examines the racial gap in earnings. The following sections consider: differences in educational attainment in relation to wage differences; the effects of standardized test scores, high school characteristics and family background on racial differences in college entry; differences in college retention and the racial gap in educational attainment; differences in colleges attended by blacks and whites students; differences in retention among blacks and whites attending predominantly white institutions; effects of attending historically black institutions. Overall findings include the following: (1) college entry rates of blacks were higher at every SAT (Scholastic Aptitude Test) quartile; (2) the mean enrollment rate of Blacks was lower than for whites; (3) black college completion rates (by SAT quartiles) were generally slightly higher for blacks than for whites; (4) increased access and financial aid had but marginal impact on degree completion rates for blacks; (5) enrolling in a historically black college or university increased retention rates for blacks; and (6) the disproportionate numbers of black youth receiving low test scores appeared to be the primary obstacle to black student retention. (DB)