In this study, we examined whether rising enrollment in the University System of Georgia (USG) masks disparities in retention and graduation rates by ethnicity and Pell Grant recipient status. This topic is important because while Georgia’s public colleges and universities have experienced enrollment increases from 2020 to 2024, economic inequality, rising tuition costs, and shifts in public funding have the potential to obscure underlying gaps in student success. Addressing this concern is crucial to ensuring equitable educational pathways and informing policy decisions that impact Georgia’s students, particularly those from underrepresented and low-income backgrounds. We collected data from official USG enrollment reports spanning 2020–2024 across research, comprehensive, and state universities, as well as state colleges. We analyzed total enrollment, retention rates, and graduation rates in comparison to each ethnicity category and average Pell Grant percentages using Excel regression analysis. The general regression model used was Y = β0 + β1(%Black) + β2(%Hispanic) + β3(%White) + β4(%Asian) + β5(%Pell Grant) + ϵ, with Y representing the dependent variables of enrollment, retention, and graduation rates. Our results showed that although total enrollment increased, disparities persisted in retention and graduation rates for Pell Grant recipients and underrepresented ethnic groups. Specifically, while enrollment appeared inclusive, retention and graduation rates varied significantly, with Hispanic/Latino and Asian students showing relatively higher positive coefficients in retention and graduation regressions, while Pell Grant percentages and other underrepresented groups displayed lower impacts, suggesting challenges in sustained student success despite enrollment gains. These findings suggest that rising enrollment alone does not equate to equitable outcomes within the USG system. Economic inequality continues to influence higher education success, with Pell Grant recipients and some minority groups facing barriers in retention and graduation despite increasing enrollment figures. The implications of this study are significant for policymakers and educators seeking to address equity within Georgia’s higher education institutions are to provide data-driven insight that can support conversations around improving funding models, support systems, and institutional accountability to close the gaps in student success across diverse populations.