This study aimed to develop and validate the Institutional Racial Bias Cost (IRBC) scale, a race-focused construct grounded in Situated Expectancy-Value Theory (SEVT) (Eccles & Wigfield, 2020), to capture the experiences of Black students at Predominantly White Institutions (PWIs). Drawing on cognitive interviewing procedures and qualitative analysis, the findings revealed the pervasive influence of institutional racial factors on students' academic and personal experiences. Participants consistently highlighted themes of racial stereotypes, academic pressures, and financial burdens, underscoring the cognitive validity of the IRBC scale as a tool to measure the institutional contributors to racial bias at PWIs. Grounded theory methodology further identified key themes salient to understanding participants' experiences, including Black (exception)alism, intersectionality, institutional structures, field and year specificity, and family dynamics. This study emphasizes the importance of centering Black students' voices in the development of measurement tools and provides both theoretical insights and practical recommendations for addressing the costs of institutional racial bias. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://bibliotheek.ehb.be:2222/en-US/products/dissertations/individuals.shtml.]