This study examined relationships among same-ethnicity friendships, perceptions of ethnic discrimination, and social and academic adjustment in college using a large longitudinal sample of White, Asian, Latino, and African American students. Results demonstrated that Latino students who had more in-group friends during college exhibited reduced belonging and academic performance at the end of college. Perceived discrimination also had negative effects on Latino students' sense of belonging. For African American students, having more in-group friends during college was related to enhanced academic commitment and motivation at the end of college. Perceiving more discrimination was also associated with enhanced academic motivation for African American students. Explanations for the divergent experiences of the two minority groups on campus are discussed.