In this article, we report on student teachers' perceptions of their cohort experiences. Using the lens of social capital theory, we analyzed their responses to an open-ended question on a survey and faculty members' responses in focus groups. The structural properties of cohorts--closure, stability, interdependence, and shared ideology--facilitated the development of social capital. Closure and stability promoted social and emotional support while interdependence and shared ideology prompted both positive and negative effects. The cohort model better served some students than others. We found that students were more likely to develop social capital by bonding with their cohort peers than by bridging with those outside their cohorts.