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Students from disadvantaged backgrounds remain underrepresented in prestigious and high-paying fields of study, such as STEM. While affirmative action (AA) policies have been shown to increase the representation of minority students in selective universities, they may also affect students’ choice of majors, with potential implications for social mobility. We study a policy implemented by a highly selective Brazilian university that expanded the range of majors accessible to lower-SES applicants, using it as a natural experiment. The policy led targeted students to apply to and enroll in more prestigious, higher-paying STEM majors and attenuated the influence of socioeconomic background on major choices. Our findings suggest that in contexts where applicants select their majors before university entry and these choices are influenced by strategic considerations, AA policies can be particularly effective in promoting social mobility.