Black and White students who enrolled in college by age 20 were selected from a national probability sample, in order to estimate the prevalence of having children and the effect of having a child on probability of graduation with a bachelor's degree. Black students reported significantly higher rates of having children than White students, but rates for Black students at historically Black universities were similar to those of Black students at predominantly White universities. After controlling for family background, achievement, and other student characteristics, having a child within 5 years of starting college generally reduced the probability of graduating with a bachelor's degree for Black women and White women and men. The independent effect of attending a historically Black college was significantly positive for Black women but not statistically significant for Black men.