The present study carries out an impact analysis of a conditional cash transfer (CCT) program for secondary-school girls in seven districts of Khyber Pakhtunkhwa province in Pakistan, including Battagram, Bonair, Hangu, Kohistan, Shangla, Tank, and Upper Dir. In 2012 we collected household-level primary data and used a probit model for quantitative analysis. Further, we conducted various focus group discussions and key informant interviews in the target areas. Results show that the chances of female schooling decrease with a rise in family size. The chances of female education increase by 1.8 and by 3.3% if household heads and their spouses have one additional year of schooling, respectively. Better educational services and rises in family income increase the chances of female ecucation by 11 and 0.3%, respectively. Finally, socioeconomic awareness, improved economic conditions, and CCTs increase the chances of female education by 5.2, 4.7, and 0.03%, respectively. Overall, the stipend program (CCTs) shows a pareto improvement. Our results indicate that 35% of girls will drop out in the absence of a stipend program. The present study recommends that to increase program effectiveness, local-level monitoring and program evaluation may be improved, delays in stipend payments to female students should be reduced, a grievance redressal mechanism for parents and guardians should be introduced, and clear synergies should be developed with other transfer programs.