This paper uses critical archival analysis, paired with textual analysis of grant descriptions, to understand how nine foundations -- all with endowments derived from the student loan industry -- have motivated their college completion work and the relationship between these commitments and grantmaking over time (2000-2019). Mobilizing concepts of theorization and racialized change work (RCW) to analyze the relationship between funders' deployed racial frames and their theory of change, this paper offers three primary contributions: 1) A methodological approach to analyzing philanthropic or intermediary-led reform campaigns (e.g. the college completion agenda) as a form of theorization -- a core mechanism of institutional change and diffusion -- inclusive of funders' racial projects; 2) Insights on the qualitative, causal pathway by which one foundation created organization-specific interest convergence that facilitated engagement in RCW, and 3) Evidence demonstrating how race-evasive theorizations, even if efficacious mechanisms for change, fail to deinstitutionalize a core mechanism of racialization: investment in deficit-minded, individual-level projects. These insights speak not only to the material differences between race-evasive and race-conscious theorizations, but also organizational pathways toward durable race-conscious commitments in higher education.