Over the last 50 years, the US has experienced significant shifts in its racial and ethnic makeup, making it a much more racially diverse country than it was a half century ago. The racial and ethnic composition of the higher education system has shifted too. In spite of this progress, various forms of racial bias, socioeconomic inequality, and academic gatekeeping continue to limit access of students of color and lower-income backgrounds to higher education's resources and potential benefits. Despite significant increases in the diversity of first-time graduate students, those from historically underserved backgrounds remain underrepresented, especially in STEM fields. Research indicates that with appropriate investment and mentorship, students of color and lower-income backgrounds can have rewarding careers as faculty and administrators within the academy.