Underrepresented college students are more likely than majority students to underperform and drop out of college. Perceptions of status relative to other students may play a key role in this process. The current study uses subjective social status (SSS) to predict underrepresented students' grade point average via their sense of academic competence at the end of their first year at an elite predominantly White institution. A total of 329 underrepresented college students (i.e., students from historically underrepresented racial or ethnic minority groups, first generation college students, or students from economically disadvantaged family backgrounds) participated in data collection during their first academic year attending a predominantly White institution. On average, students reported a drop in SSS from their home community to the university. After accounting for gender, race or ethnicity, family income, standardized test scores, and depressive symptoms, a larger drop in SSS was related to lower spring grade point average via reduced perceived academic competence.