Abstract Educational tracking affects both the trajectories and the composition of peers that students meet in school. This study compares the effect of significant others on students’ educational aspirations within two transition regimes: the more comprehensive Swedish system and the more stratified Dutch. Separating between doxic and habituated aspirations, I hypothesize that (1) aspirations among students in disadvantaged schools will be lower in the Netherlands than in Sweden; (2) the higher educational aspirations of girls and children of immigrants will disappear when significant others are controlled for; and (3) the positive effect of significant others is more marked among Swedish students than among Dutch due to greater student heterogeneity. The data comes from 3202 students in schools with low average grades in Sweden and the Netherlands. Results were in line with the hypothesis with one important exception. There was a marked difference in habituated aspirations but no difference in doxic aspirations between the Dutch and Swedish students. In conclusion, the findings suggest a) that early tracking systems creates a disconnect between students’ hopes and what they perceive as likely outcomes, and b) that the phenomenon termed “immigrant optimism” and “ethnic capital” reflects unequal access to social capital.