This article explores how the associations between student achievement and achievement growth influence our understanding of the role schools play in academic inequality. Using nationally representative data from the Early Childhood Longitudinal Study, Kindergarten Class of 2010-2011 (ECLS-K:2011), we constructed parallel growth and lagged score models within both seasonal learning and school effects frameworks to study how student- and school-level socioeconomic and racial/ethnic backgrounds relate to student learning. Our findings suggest that seasonal comparative scholars, who generally argue that schools play an equalizing role, and scholars focused on school compositional effects, who typically report that schools exacerbate inequality, come to these contrasting findings not only because they ask different questions but also because they treat student initial achievement differently when modeling student learning.