Historically, many American students from poor families have been trapped in sorely underfunded public schools. The conventional wisdom suggests that school funding remains unequal across low- and high-income schools and that equal funding equates to equitable resources for students. This brief challenges the notion that economically disadvantaged students receive less funding than other students, with implications for equalizing classroom resources and optimizing other social policies. Specifically, this brief addresses the following ideas that have become conventional wisdom in some quarters: (1) "Students from traditionally disadvantaged backgrounds attend poorly funded schools."; (2) "Better school funding makes a difference to students from low-income families."; (3) "School funding remains unequal across low- and high-income schools."; (4) "Eliminating the SES gaps means racial/ethnic funding gaps disappear, too."; (5) "Equal funding means equitable resources for students."; and (6) "Even if school funding is equal, it's not adequate to meet students' needs."