6200.1 Assessment
Research Question (Clear, unambiguous) "Why there is an earnings differential between White and Asian American?"  Simplifying to this creates a straightforward research question.  Wandering on about different levels of schooling may provide a motive for the research, but does not benefit the research question.  
Relevant Literature Omitted.  There is obviously an extensive literature on the determinants of status or income attainments.
Causal Interpretations (clear, all parts defined, mechanisms, controls, plausible) The apparent effort to offer causal interpretations is largely unintelligible.  A simple statement of what might explain differences in income or status achievements is what we need.
Data (variables, sample, comparison) The suggestion of NCES data does not seem to make sense.  That data would allow one to look at differences in college graduations only.  Presumably you would want to use individual level data.  
Research Value Not well stated.  Presumably, the value of the research would depend on what you could add over what others have already done in this area.
Overall The general goal is okay but the effort to outline a research project seems muddled.