Educational aspirations are of interest to scholars in several disciplines. They can affect multiple aspects of educational success and have been shown to differ between major social groups. Explanations for educational aspirations typically link to two main models of aspiration formation: the Wisconsin model (WM) and rational choice theory (RCT). Whereas the WM highlights significant others’ educational norms, RCT cites cost-benefit calculations to explain how aspirations are formed. As it is still unclear how the two approaches interrelate, we apply a third model, namely the model of frame selection (MFS), which allows the integration of both WM and RCT arguments. In short, it suggests that the importance of others’ educational norms moderates the relevance of own cost-benefit calculations. We assume that considering this interrelation is fruitful when explaining aspirations in general, and specifically when explaining immigrant students’ aspirations, who often perceive high educational obligations by their parents. Using data from the German National Educational Panel Study (NEPS), we test prognoses derived from the three theoretical models for their relevance when explaining the aspirations of Turkish and German students. Results indicate that the processes suggested by both WM and RCT shape aspirations. Consistent with the MFS, these processes also interrelate in that parents’ educational norms reduce the relevance of students’ own cost-benefit calculations. This interrelation does not only apply to Turkish students but holds for all students in the sample.