This study examines the effect of family structure on high school graduation by race and gender using data from the first twenty-one waves of the Panel Study of Income Dynamics and recently available retrospective marital histories. The nature of the data allows for a more complete specification of family structure than has been heretofore possible. The analysis tests the hypothesis that the negative effect on educational attainment often associated with living in a mother-only or stepfather family stems primarily from the reduced level of economic resources available to these households. Empirical findings indicate that living with a widowed, divorced, or separated mother has little or no effect on educational attainment once we control for economic status. However, living in a stepfather family appears to have a persistent negative effect on high school graduation rates.