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Socioeconomic status (SES) provides valuable information with which to explain differences in student achievement, serve as a moderator to quantify the effects of other variables in educational outcomes, to examine equity in education, and to inform policy. Because SES is a latent variable, there are different ways to estimate its value. In Latin American countries like Guatemala, where poverty is prevalent and there are high inequities, it is fundamental to provide evidence of the validity of an SES index that captures the specific characteristics of elementary students attending public schools. This study presents a SES index calculated with principal component analysis. We addressed the main issues when using this method and provide evidence to support the index’s convergent and predictive validity.