This study examined the relationship of family background on students' academic self-efficacy and the impact of students' self-efficacy on their career and life success expectations. The study used the national dataset of the Educational Longitudinal Study of 2002 (ELS: 2002), funded by the U.S. Department of Education. Based on a path model, results demonstrated that family background predicted academic self-efficacy positively and students' career and life success expectations negatively. However, with the mediating influence of academic self-efficacy, family background positively influenced students' career and life success expectations. School counselors should consider interventions to enhance interactions between parents and students and seek to develop positive perceptions about students' capabilities and futures. In addition, school counselors need to be knowledgeable about curricula, enrichment classes, summer opportunities, various educational options, and students' academic and career aspirations for providing better guidance.