Conditional cash transfer (CCT) programs are increasingly being used through the developing world to reduce inequality, break the intergenerational poverty cycle, and build human capital. These programs vary by country but typically make cash transfers conditional upon children meeting certain healthcare and educational standards. While previous research finds that these programs are effective at increasing school enrollment and attendance, there is little evidence that it actually increases academic achievement. This paper examines the impact of Familias en Acción, a CCT in Colombia, on the academic achievement of students from households receiving the subsidies, and the impact of the program on school quality. Program evaluation data is used to conduct a logistic regression to measure the programs effects on literacy and grade retention, and national standardized test results are used to conduct an Ordinary Least Squares Regression on academic performance at the school level. The results show that Familias en Acción increases literacy and decreases grade retention amongst the students receiving the subsidy. While the students participating in the program are not found to have no impact on schools, the overall increase in enrollment does have a negative impact on school level math scores. These findings support the growing use of CCT strategies to increase human capital and alleviate poverty. However, the program still allows for geographic and socio-economic differentials in academic attainment to persist. Additional program options should be investigated to address these concerns. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://www.proquest.com/en-US/products/dissertations/individuals.shtml.]