Within the past decade, academic librarianship has increased its focus on critical librarianship and assessing student success, as well as undergoing a complete reconceptualization of information literacy. However, our assessment and scholarship related to information literacy and student success largely neglects the persistent racial and social-class achievement gaps in American higher education. This article draws upon a critical social theory commonly used in higher education research--cultural capital--to consider the ways in which information literacy as threshold concepts may enable or constrain success for students whose identities higher education has traditionally marginalized. Finally, Estela Mara Bensimon's equity cognitive frame is introduced to consider the ways in which we can ground our practice, assessment, and scholarship in our professional values of equity and inclusion.