Abstract: This study examines Black and White American student’s perceptions of the return on investment (ROI) of a college education and examines how material on racial inequality impacts information-seeking behaviors around the ROI of a college education. The survey results suggest that Black American students underestimate their group's educational returns and overestimate those of White Americans, while the experiment demonstrates that Black Americans over-select information on racial and economic inequalities over objective data, even when provided financial incentives to choose the latter. Taken together, these results highlight a growing misperception within the Black American community about the economic returns to a college education, perhaps fueled by racially charged content that highlights systemic economic inequalities. These results highlight how key decision-making around attending college can be based on mis- calibrated perceptions about the interplay between racial inequality and individual economic outcomes. Further research is needed to understand the nuances in Black American’s decision-making around higher education and how their beliefs of racial inequality interplay with this decision.