The question of why postsecondary institutions produce different labor market outcomes is difficult to answer due to unobserved student characteristics. Here, I leverage students' geographic proximity to three classifications of postsecondary institutions -- earnings-enhancing, competitive, and Historically Black Colleges and Universities (HBCUs). Using a nationally representative sample, I estimate attainment and earnings effects of first attending each type. Attending an institution classified as earnings-enhancing increases humanities credit completion, degree attainment, and early-career wages. Among underrepresented students, living closest to an HBCU strongly predicts HBCU enrollment. This yields higher STEM credit completion but lower early-career wages, suggesting possible labor market bias. Abbreviations: "Competitive:" Barron's Top 3 Selectivity Tier Institution; "HBCU:" Historically Black College or University; "HSI:" High-Success Institution; "STEM:" Science; Technology; Engineering; and Mathematics; "Underrepresented Minority" ("URM"): Black; Indigenous; or Hispanic/Latinx HIGHLIGHTS: Nearest-college attributes predict college choice for many high school students, especially those living near HBCUs. Colleges previously linked to students' wage mobility yield higher earnings by students' mid-20s.Higher earnings effects coincide with higher humanities credit completion, bachelor's completion, and postbaccalaureate training. HBCU attendance relative to other options yields higher STEM credit completion, but lower early-career wages. HBCU attendance relative to no college also increases humanities credit completion and bachelor's degree completion.