This study examined the extent to which the relative influence on college investment decisions of economic, academic, structural, social, and cultural capital varied by racial/ethnic group. Data from the third (1994) follow-up to the National Education Longitudinal Study of 1988 were used. The adjusted weighted sample included 11,933 individuals who graduated from high school in 1992. The study found that, on average, Blacks and Hispanics had less economic and academic capital than Whites. Black high school graduates were observed to have more of some types of social and cultural capital than high school graduates of other ethnic groups, in that they were more likely to express interest in earning advanced degrees, receive help from their high schools with college admissions materials, and use more than one tool to prepare for college admissions tests. After controlling for differences in economic, academic, structural, social, and cultural capital, the probability of enrolling in a four-year college or university in the fall after graduating from high school was 11 percent higher for Blacks than for Whites. The probability of enrollment was about equal for Hispanics and Whites. (Contains 33 references.) (MDM)