Recent research demonstrates that bilingualism is associated with positive educational outcomes. Less is known, however, about its influence on status attainment in young adulthood. In this study, we utilize data from the National Educational Longitudinal Study of 2000 to examine the influence of bilingualism during adolescence on educational attainment, occupation, and income among Latinos. We find that compared with English dominance, biliteracy is positively associated with high school completion and occupational prestige among Latina women and that oral and passive bilingualism are negatively associated with high school completion among Latino men. We suggest these differences reflect the gendered experiences of language. Spanish‐speaking men may be stigmatized, whereas biliterate women may gain valuable skills that are rewarded in school and in the labor market.