A national, Web-based survey of 1,219 African American, Latina/o, Asian American, and European American psychology graduate students revealed both similarities and differences in experiences and perspectives. Mentoring was found to be the strongest predictor of satisfaction across groups. Academic supports and barriers, along with perceptions of diversity within the academic environment, were also important predictors of satisfaction. Students of color perceived less fairness of representation of their ethnic group within psychology than European American students, and a greater linkage between aspects of the graduate school experience and their ethnicity. Limitations of the study and implications for future research and action are discussed.