Objective and Participants: Using data from 69,722 US undergraduates participating in the spring 2015 National College Health Assessment, we examine racial/ethnic differences in students' experience of discrimination. Method: Logistic regression predicted the experience of discrimination and its reported negative effect on academics. Additional models examined the effect of attending a Minority Serving Institution (MSI). Results: Discrimination was experienced by 5-15% of students, with all racial/ethnic minority groups examined- including Black, Hispanic, Asian, AI/NA/NA, and Multiracial students- more likely to report discrimination relative to White students. Of students who experienced discrimination, 15-25% reported it had negatively impacted their academic performance, with Hispanic and Asian students more likely to report negative impacts relative to White students. Attending an MSI was associated with decreased experiences of discrimination. Conclusion: Students from racial/ethnic minority backgrounds are disproportionately affected by discrimination, with negative impacts for academic performance that are particularly marked for Hispanic and Asian students.