This study investigates how a family's socioeconomic status (SES) affects a child's educational achievement and differentiates the direct effects of SES on these experiences from the indirect ones as they are mediated by the school. This distinction is an important one as it is in the latter realm where social policy can have an impact. The data are from a nationally representative sample of children enrolled in kindergarten in the US in the Spring of 2000. The percentage of the parents expecting their child to earn at least a Bachelor's degree rises with family SES. However, the percentage of high- SES parents of low-achieving students expecting their child to earn at least a Bachelor's degree is higher than that for low- and middle-SES parents of high-achieving students. Ordinary least squares regression analyses using a mediation model were used to distinguish direct from indirect effects of the family's SES score on achievement. Unexpectedly, the direct effects are greater than the indirect ones.