Contemporary trends in low fertility can in part be explained by increasing incentives to invest in offspring’s embodied capital over offspring quantity in environments where education is a salient source of social mobility. However, studies on this subject have often neglected to empirically examine heterogeneity, missing out on the opportunity to investigate how this relationship is impacted when individuals are excluded from meaningful participation in economic spheres. Using General Social Survey data from the United States, I examine changes in the (...) relationship between number of siblings and college attendance for White and Black respondents throughout the 1900s. Results show that in the early 1900s, White individuals from larger families had a lower chance of completing four years of college education than those from smaller families, whereas the likelihood for Black individuals was more uniform across family sizes. These racial differences mostly converged in the later part of the century. These results may help explain variations in the timing of demographic transitions within different racial groups in the United States and suggest that the benefits of decreasing family size on educational outcomes may be conditional on the specific economic opportunities afforded to a family. (shrink)