Reading is a complex practice that involves cognitive, linguistic and sociocultural dimensions. As such, it is central to social and educational participation. The expansion and diversification of enrollment in Latin American higher education have increased the interest in students' experiences with reading and its relation to academic performance. This research aims to qualitatively determine high- and low-performing students' use of metacognitive strategies and participation in reading practices. We interviewed 10 fourth-year students from diverse backgrounds in a state, regional and selective university in Chile. Results show that students, regardless of their performance, actively use metacognitive reading strategies and participate in diverse reading practices in and outside the university. In turn, high-achieving students report metacognitive support strategies more frequently, particularly self-sponsored reading with others and use of complementary sources, while low-achieving students tend to mention global reading strategies, such as establishing a distraction-free reading environment. These findings contradict the narratives of "literacy crisis" and suggest the need for a more complex take on reading to understand its impact on academic performance.