This study examines the association between college-bound friends and college enrollment using restricted transcript data from the High School Longitudinal Study. Propensity score matching and school fixed effects models suggest that having close college-bound friends is positively associated with enrolling in college. However, Black and Latino male students are much less likely to benefit from having college-bound friends than others, suggesting that structural and cultural factors that are tied to race, ethnicity, and gender may limit the beneficial potential of friends, especially for these male Black and Latino students. Implications for addressing racial and ethnic disparities in college enrollment and for the role of friends in college enrollment decisions are discussed.