Educational institutions have increasingly sought to create diverse student bodies. Given these efforts, the present research asks two broad questions. First, to what extent do students’ interactions reflect the diversity of their educational settings? Second, when intergroup interactions occur, how do they impact students’ academic experiences and outcomes?Leveraging a longitudinal design and daily diary methods, we conducted the first large study (Ninteractions = 11,460) which tracks the frequency, quality, and consequences of meaningful cross-race and cross-social class interactions in university settings. We found that students reported far fewer cross-race and cross-class interactions than would be expected at chance given the racial and social class diversity of their student bodies. Furthermore, underrepresented racial minority students and students from working-class backgrounds experienced cross-race and cross-class interactions as lower quality than same-race and same-class interactions. Nevertheless, these cross-group interactions predicted better academic performance for racial minority students and those from working-class backgrounds. They did so through different processes: cross-race interactions improved racial minorities’ academic performance by reducing social identity threat, whereas cross-class interactions improved the academic performance of students from working-class backgrounds by increasing sense of belonging. Together, these findings suggest that diversifying educational settings is not enough to encourage meaningful intergroup interactions. Furthermore, fostering intergroup interactions may be one important pathway toward reducing racial and social-class disparities in students’ experiences and academic outcomes in college.