Low-income, first-generation, and racial/ethnic minority students encounter unique challenges in higher education because they contend with fewer economic and social resources, and fewer familial role models who have successfully navigated college. Just as importantly, these students contend with negative cultural stereotypes and expectations about their group that undermine their motivation, sense of belonging, and performance. The authors argue that to truly support low-income, first-generation, and racial/ethnic minority students, one must consider the college experience from students' perspectives--understanding the concerns that arise from being part of a stigmatized group in higher education. Only when one considers the student in context by examining how (and whether) the local context communicates respect, value, and inclusion, can one change these settings to create institutions of higher education that are identity safe--where students from all backgrounds can flourish. [For Part 1, "The Real Value of What Students Do in College," see ED623204. For Part 2, "The Real Price of College," see ED623188. For Part 4, "Why Performance-Based College Funding Doesn't Work," see ED623208. For Part 5, "When College Students Start Behind," see ED623207.]