Perceiving new student populations as underprepared is a common response to the expansion of university systems and the diversification of the student body. Latin America, as other developing regions, has increased its university enrolment of underrepresented, historically excluded students, through a variety of policies. This study analyzes the experiences of the first cohort of a national inclusive admissions program in Chile. Drawing from 45 in-depth interviews, it aims to understand how students perceive themselves and the obstacles they face, using academic literacy as a lens. Results show a recurring reproduction of dominant deficit discourses by the students, as they feel at a disadvantage and blame their previous education; additionally, negative self-perceptions are more frequent in students from the most competitive programs. Nevertheless, these perceptions contrast with student agency, resilience, and self-sponsored strategies that emerged in the interviews as resources for making sense of university, an unforeseen environment for the participants and their families. Furthermore, interviews reveal that these students face additional challenges pertaining to adverse material conditions that shape their university experience, such as commuting extremely long distances or working for a living. Overall, this research depicts a complex picture of intertwined factors that challenges the deficit framework and should be considered in developing equitable admissions policies. Both the structural disadvantages and the varied forms of agency found in this study offer insights for policy implementation and student support mechanisms, moving them away from the simple idea of individual underpreparedness toward institutionalized inclusive practices in expanding higher education systems.