Using data from the National Longitudinal Study of Youth 1997, we examine differences in educational experiences and in social and economic mobility for youths experiencing poverty relative to their more affluent peers. We also explore the extent to which different educational experiences are associated with greater mobility for students experiencing poverty. We find that youths from poverty are less than half as likely as their more affluent peers to earn a living wage, reach the top quartile of income, or attain a high level of economic wellbeing and stability. They also have less educational opportunity in their youth, particularly when it comes to academic experiences. Meanwhile, the educational experiences where there are the largest inequities are also the ones that are most predictive of long-term mobility for students from poverty, suggesting that having the opportunity to do well in school may help young people improve their economic standing and achieve broader levels of wellbeing later in life. At the same time, students experiencing poverty who have exceptional academic outcomes on average still do not manage to exceed the average adult income of the typical student not coming from poverty. Altogether, our findings point to both the importance and inadequacy of academic experiences for breaking the cycle of intergenerational poverty.