Objective Many social policies and academic studies assume that education is “the great equalizer” that is capable of counteracting the unequal social resources of different demographic groups. This study aims to determine whether non‐Hispanic whites and racial/ethnic minorities indeed experience comparable health benefits with greater educational attainment. Methods Data from the National Health Interview Survey 1997–2012 were used to conduct ordered logistic models comparing the self‐rated health of 518,288 non‐Hispanic whites and racial/ethnic minorities aged 30–65 across the full spectrum of educational attainment. Results Educational attainment was found to affect the health of whites more than minorities, even with the inclusion of a wide range of potential sociodemographic, behavioral, and economic mediators. Conclusion We discuss the possibility that unmeasured variables, such as childhood environment and other individual characteristics, are responsible for the stronger effect of education for whites than minorities, and what the implications are for future policy and research.