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The use of proxy variables as measures of socioeconomic status (SES) is prevalent in educational research. Data from the 2013 Minnesota Student Survey were used to evaluate the validity of proxy variables and their associations with commitment to learning. This study used latent class analyses to group students from grades 9 and 12 (N = 79,339) of different SES statuses based on single and multiple variables. Results show that multiple indicators are better able to distinguish among different SES groups. In light of the ubiquitous use of proxy variables of SES, the differential use of these SES indicators has important educational implications.