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This study explores the relationship between social capital and educational outcomes among children and adolescents in socioeconomically vulnerable contexts. Using a sequential mixed-methods design, data were collected from two large-scale studies involving 4,000 participants, complemented by focus groups with adolescents. Quantitative analyses reveal nuanced associations between family and peer social capital and academic performance, including evidence of both protective and detrimental effects of peer integration. Qualitative findings highlight adolescents’ perceptions of social networks as sources of emotional and instrumental support, but also as potential distractions. These results challenge linear assumptions about social capital and suggest multidimensional strategies to enhance educational equity.