Graduating from college is widely associated with social and personal advancement, yet many young graduates are not experiencing these benefits. Drawing on 127 interviews with college graduates in the United States and Spain who face employment precarity or economic instability, this study asks: How do these graduates understand their social positions and worth? How does the institution of higher education shape these understandings? The data demonstrate that respondents in both countries largely describe themselves as stalled or stuck. I argue that these are perceptions of "expectational liminality" stemming from the disjuncture between respondents' expectations and their experiences as college graduates. In addition, I show how three narratives describing the professional/financial success, life course progression, and internal transformation expected of graduates shape respondents' sense of expectational liminality. I discuss the effects of higher education on graduates' self-perceptions in uncertain contexts and the relevance of expectational liminality to other contexts where there are disjunctures between expectations and reality.