This study examined the effect of specified demographic and psychological variables on the academic achievement of high school students from urban and rural settings (n=177). Psychosocial variables considered in this study were familism (perceived closeness of the family), perceived discrimination, time management, and home and school factors. Results provide information on the predictive factors associated with academic achievement among high school students (R square=.32). The significant psychosocial predictors were advance program placement, economic condition, time management (i.e., as related to studying or doing homework), depression scale, parent-child conflict scale, and school location. Support for continued use of measures of psychosocial factors in the study of predictors of academic achievement was established. Implications for theory, practice, and future research are discussed. (Contains 2 tables and 47 references.) (Author/SLD)