In the aftermath of the pandemic, public schools nationwide face profound challenges. Student test scores are down, absenteeism is at an all-time high, and educators are working tirelessly to bridge the learning gap. But research shows families believe that everything is back to normal or will be soon. This report explores this disconnect by looking at the relationship between attendance, learning, and grades--and the critical signals those grades are sending to families. The researchers examined data from two public school districts between the 2018-19 and 2021-22 school years. Across the board, more students were both chronically absent and not yet on grade level. But their grades, families' most trusted indicator of academic standing, tended to remain the same, or were even higher. Recommendations are provided to districts and families to take simple, immediate steps to understand the extent of these issues in their own system and their effect on individual students. [This paper was written with EdNavigator and Learning Heroes.]