Early ability tracking increases inequalities in education. It has been proposed that the awareness of negative school-track-related stereotypes contributes to educational inequalities, as stereotype awareness interferes with students' abilities to thrive, particularly those in lower, stigmatized tracks. The present study tested this assumption in a sample of 3880 German secondary school students from three tracks, who were assessed four times on stereotype awareness regarding their own school track and academic outcomes (achievement, engagement, self-concept) between Grades 5 and 8. Students in the lowest track reported higher levels of stereotype awareness than higher track students or students attending a combined track. Stereotype awareness increased across time in all tracks. Contrary to our preregistered hypotheses, however, the results from multigroup models revealed that (changes in) stereotype awareness were not more strongly related to (changes in) most outcomes in the lowest track in comparison with the other two tracks.