There are striking disparities in the academic achievement of American youth, with Latino students being a particularly vulnerable population. Adolescents’ academic expectations have been shown to predict educational outcomes, and thus are an important factor in understanding educational disparities. This article examines racial/ethnic differences in the future expectations of adolescents, with a particular focus on how expectations about higher education may differ in frequency and meaning for Latino youth. Participants included 375 urban ninth-grade students (49 % Latino, 23 % White, 22 % Black, and 6 % other; 51 % female) who gave written descriptions of how they pictured their lives in 5 years. Responses were subsequently coded for content and themes. Results demonstrate that Latino youth were less likely to picture themselves attending college when compared to Black and White youth, and more likely to hold social goals, such as starting their own family. Ethnic/racial differences also were found in the themes present in responses, with Latino and Black students more likely than White students to describe individuation and materialistic goals, and to give more unrealistic responses. For Latino youth only, higher education goals were associated significantly with individuation themes. In addition, for Latino youth, adolescents who wished to pursue higher education reported more depressive symptoms and emotional distress than those who did not picture going to college, whereas the opposite pattern was evident for Black and White youth. These differences may reflect cultural values, such as familismo. Practice implications include the importance of culturally tailoring programs aimed at promoting higher education.