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This study analyzed TIMSS Advanced 2015 U.S. data to examine the individual and school effects on 12th graders’ aspiration to graduate school. Hierarchical linear modeling (HLM) was used to disaggregate the effects of individual-level and school-level predictors, and explore whether school-level factors moderated the relations between individual variables and outcome. This study found that students in general reported a high level of educational aspiration. Female students and students with better performance in advanced mathematics courses are more likely to expect to attend graduate school. At the school level, when schools have higher participation in advanced mathematics courses and fewer discipline problems, their students tend to aspire to graduate degree more than peers from other schools.