Recent studies have found a net Black advantage in educational attainment. This pattern indicates that after controlling for socioeconomic and academic characteristics, Black students are more likely to continue education than are their White counterparts. Using an educational careers approach, this study examines selection and student expectations and parental aspirations as potential explanations of this pattern. Results indicate that a net Black advantage exists from high school entry through postsecondary enrollment and that student expectations and parental aspirations partially explain the net Black advantage. These findings call into question selection explanations of the net Black advantage, underscore the role of socioeconomic disparities for educational stratification, and highlight the utility of an educational careers approach for understanding how race structures educational attainment.