This study investigates factors associated with the listening perception of classroom communication by students with hearing loss, based on the students' and their teachers' views. It also examines how students with different degrees of hearing loss may perceive their classmates. To explore the relationships between the factors Structural Equation Modelling was conducted based on the International Classification of Functioning, Disability and Health--Children and Youth (ICF-CY) framework. A total of 137 students from fifth grade (10 years of age) to tenth grade (16 years of age) and 167 teachers participated in the survey. The teachers considered that the students with several impairments and whose parents were less involved in their schooling perceived classroom communication to a lesser degree. The listening environment was considered essential by the students; in particular, classmates' use of microphones seemed to improve the students' perception. High levels of classroom noise hindered optimal perception. Significant differences were found between the students with bilateral and unilateral hearing loss with respect to their perception of classmates. None of the students with unilateral hearing loss appeared able to consistently perceive classmates, a problem that may be related to the insufficient use of roving microphones. Applying innovations such as microphones for classmates and ensuring a quiet classroom can enhance listening perception. Additionally, the students' body function and parental involvement play an essential role.