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Socioeconomic status (SES) strongly predicts educational and life outcomes. While individual factors matter, school context is also crucial. Using Hierarchical Linear Modeling (HLM) and data from the Education Longitudinal Study (ELS) of 2002 (N = 9,053 students, 408 schools), this study explored how school-level factors shape SES disparities among 10th graders. Results show that 16.7% of the variance in student SES exists between schools. Male students reported lower SES than female students, and this gender gap was significantly more pronounced in urban schools. Although race was not a significant overall predictor, its impact on SES differed across schools. These findings emphasize how gender and school urbanicity intersect to reproduce inequality, highlighting the need for school-level, context-sensitive policies to promote educational equity.