Previous research has shown that the Meyerhoff Scholars Program at the University of Maryland, Baltimore County, is an effective intervention for high-achieving underrepresented minority (URM) students; African-American Meyerhoff students are significantly more likely to enter science, technology, engineering, and mathematics (STEM) PhD programs than comparison students. The first of two studies in this report extends the prior research by examining levels of PhD completion for Meyerhoff (N = 479) versus comparison sample (N = 249) students among the first 16 cohorts. Entering African-American Meyerhoff students were 4.8 times more likely to complete STEM PhDs than comparison sample students. To enhance understanding of potential mechanisms of influence, the second study used data from the 22nd (Fall 2010) to 25th (Fall 2013) cohorts (N = 109) to test the hypothesis that perceived program benefit at the end of freshman year would mediate the relationship between sense of community at the end of Summer Bridge and science identity and research self-efficacy at the end of sophomore year. Study 2 results indicated that perceived program benefit fully mediated the relationship between sense of community and both criterion measures. The findings underscore the potential of comprehensive STEM intervention programs to enhance PhD completion, and suggest mechanisms of influence.