Background: This longitudinal study examines the extent to which personal factors (intelligence and health status), social resources (family socioeconomic status, SES), special school placement and being labelled as a pupil with a disability in childhood predict subjective quality of life and objective life success 23 years later. Materials and Methods: The sample consisted of 49 individuals with borderline intellectual functioning (BIF), 21 of whom attended special schools and were labelled as having special educational needs; the remaining 28 attended regular schools and were not labelled in this way. Results: Parental SES predicted both subjective quality of life and objective successes in adult life. As hypothesized, the interaction between parental SES and placement in mainstream schools was associated with success in adulthood. Conclusion: We discuss the results in light of labelling theory. Implications for educational policies and the provision of support for families of children with BIF are also considered.