Fraser graduated from the Bolles School, a private high school located in Jacksonville, Florida, known for its excellent prep swim teams. He received an athletic scholarship to attend the University of Florida inGainesville, Florida, United States, where he was afinance major and swam for coach Gregg Troy's Florida Gators swimming and diving team in National Collegiate Athletic Association (NCAA) competition from 2006 to 2010. At the 2009 Men's NCAA Division I Championships, he set a school record in winning the 200-yard freestyle (1:31.70) and an NCAA record in winning the 200-yard butterfly (1:40.75). Fraser earned twenty-seven All-American accolades in his four years as a Gator swimmer, one fewer than the maximum number possible, and the most of any male swimmer in Gators history.
At the 2007 Pan American Games, Fraser garnered a silver medal in the 200-meter freestyle. At the2006 Central American and Caribbean Games in Cartagena, Colombia, he set the Games record in the 200-meter freestyle (1:49.84), bettering the 24-year-old mark of 1:51.71 set by Venezuela's Alberto Mestre at the 1982 Games.