First generation and low income college students continue to experience outcome differences despite higher education’s efforts to reduce inequality. Despite abundant research exploring intelligence mindset, there have been few attempts to explore relationships between mindset and scarcity. To reduce this gap in knowledge, and support student success, this study explored relationships between scarcity and beliefs about intelligence – including the intelligence mindset of students and the failure mindset of parents – as well as the connection between scarcity and student demographics. Survey research design was used, and participants were gathered using a census of undergraduate students of a Midwest university in spring 2020 (N = 9,760). Results indicate scarcity continues to be of vital importance to the discussion about inequity in higher education, as found in the direct relationships between perceived scarcity and student demographics, and the indirect relationship of perceived scarcity with intelligence mindset through perceived failure mindset of parents.