This study analyzes school dropout in rural Guatemala using event history data and unusually detailed data on schools and teachers. Significant results for language of instruction, teacher education and fighting between students demonstrate the importance of accounting for school context influences on an outcome that has, historically, been analyzed mainly as a function of family background. Less support is found for the contention that dropout is lower in schools that are better at maximizing student achievement. Finally, using interaction analysis some of the school effects vary significantly by student gender and ethnicity. The various linkages between school features and dropout highlight the complicated reality of identifying the kinds of features of schools that are valued by poor families. (Contains 3 tables.)