Overview: This study examines the complex effects on families when mothers reenroll in school at any level. The population of mothers in school--especially in college--is large and predominantly composed of women of color (Reichlin Cruse et al. 2019; Anderson 2022). Though there is a mounting emphasis on increased education and skills in the workforce, a persistent call for single mothers being self-sufficient, and a pressing need to break intergenerational cycles of poverty, little is known about how mothers and their children fare in the short and long term after school reentry. In this research, I characterize how school reentry and degree completion affect families over two decades, but I also observe large differences in the impacts of school reenrollment between Black, Latina, and White mothers and their children. The overall results, without disaggregation by race, are published in an Urban Institute brief (see Anderson 2022). This not-yet-published follow-up study examines the differential results by mothers' race accompanied by racial equity-informed policy analysis. Context: Millions of parents pursue education or training after starting a family. National data show that students who are parents make up nearly a quarter (22 percent) of the postsecondary student population overall, and a larger share of students at two-year colleges (26 percent) and among certain demographic groups (NPSAS:16). For example, 40 percent of all Black female college students have minor children, and 50 percent of Black mothers go back to school after they have children (Anderson 2022). Enrolled students with children are disproportionately students of color. Thus, there are important racial and ethnic equity implications of promoting student-parent success. Student parents have strong assets--they are motivated to succeed so they can set a good example for their children and better support their families. And they earn higher average grades than nonparenting students in the first semester of college (DeMario 2019). But student parents often struggle to complete degrees when they are not visible or accommodated in their classes and in college life. They also often do not receive appropriate advising, struggle to afford tuition and other costs considering their other financial obligations, and lack social supports while in school (Generation Hope 2020; Green 2013; Anderson 2020). Those with younger children may struggle to find and afford child care and be challenged in balancing school, parenting, and often work responsibilities (Goldrick-Rab, Welton, and Coca 2020; Hess et al. 2014). And structural barriers related to race and gender likely discourage college enrollment and limit success. Research and Methods: This is the first quantitative research that reveals the complex experiences of families when mothers pursue their educational goals. I explore the trajectory of wellbeing indicators for mothers and children for up to two decades after school reentry using data from the National Longitudinal Survey of Youth 1979 (NLSY79) and the Child and Young Adult Supplement, which tracks biological children of women in the NLSY79. I estimate impacts of school reentry on mothers' short- and long-term educational, economic, and social outcomes using individual fixed effects with propensity-score-determined comparison groups. The individual fixed effects are only applicable to outcomes that can be measured both before and after a mother's school reentry (e.g., labor market effort and marital status). I compare distal outcomes that cannot be benchmarked before the mother's school reentry (e.g., depression at age 50) using propensity score matching (PSM) between mothers who returned to school and otherwise similar mothers who did not continue their schooling. I also complete an analysis of child educational, economic, and social outcomes through young adulthood. The child analysis only lends itself to the PSM approach because the individual fixed effects approach would limit the analysis to a much smaller subset of children than is available in a less restrictive analysis. When I compare the individual fixed effects results to the PSM results for the subset of children and outcomes that support both, there are few substantive differences. In this mixed-methods study, additional and contemporary insights come from in-depth qualitative interviews with mothers who were pursuing additional education in fall 2018 in the national capital region. Findings: The overall study shows that mothers who reenrolled in school attained more educational credentials, worked more, and earned more in the long run than similar mothers who did not reenroll. However, mothers who reenrolled were less likely than comparison mothers to be married; family income were lower long term (because of lower marriage rates); and they experienced some negative physical and mental health effects later in life. Also, mothers' reenrollment related to small, short-term gains in children's vocabulary and reading scores but also more behavioral problems that persisted into early adulthood. In the long term, children of mothers who went back to school had better academic attainment, but this did not result in earnings gains in their early careers. The positive effects of school reenrollment were much larger and almost all negative effects were mitigated when student mothers completed college degrees: they did not have income declines or negative health effects, and their children saw earnings gains even before age 25. But outcomes differ notably for Black, Latina, and white mothers. Black mothers who reenrolled school did not see earnings gains, even though they completed more education and worked more than the matched comparison group. Latina mothers and mothers who completed a college degree fared better than other subgroups in educational and economic outcomes relative to their respective comparison groups, though Latina mothers who reenrolled had higher rates of depression at age 50 on average than the comparison mothers. The children of these mothers saw similar patterns to their parents. Qualitative interviews with student mothers and racial equity-aware policy analysis point to explanations for these differentials. Importance: This research addresses the intergenerational effects of education, which is how inequities reproduce over time. It is important to bring light to heterogeneous effects of educational engagement by race to inform policy and practice solutions that promote equity in the medium term and justice in the longer term.