This phenomenological study examines how women and Students of Color who attend a small undergraduate predominately white institution (PWI) make meaning of their experiences in science, technology, engineering and mathematics (STEM) and how individual and contextual factors influence whether they decide to stay, leave, or add an STEM major. We conducted qualitative interviews with 50 juniors and seniors across three participation pathways: (1) students who entered college with an interest in an STEM major and are still an STEM major, (2) students who entered college with an interest in a non-STEM major and switched to an STEM major, and (3) students who entered college with an interest in an STEM major and changed to a non-STEM major. Students' descriptions of the factors that influenced their academic choices support the tenets of the situated expectancy-value theory. Themes related to expectancies for success, value beliefs, and teachers and peers are presented. Implications of these findings for retaining underrepresented students in STEM majors are discussed.