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Over the past 50 years, parents’ socioeconomic status (SES) has become more strongly correlated with the family arrangements in which children are raised, with children in higher-SES households more likely to be raised by both parents. This has generated concerns about the role of family structure in the reproduction of inequality. The present study uses data from the National Longitudinal Survey of Youth 1997 cohort to measure the extent to which young adults’ educational attainment is due to their parents’ education levels (a measure of SES) and differences in family structure by SES. Specifically, I use decomposition models to hypothetically assign low-SES youth (1) the same family structure composition as high-SES youth and (2) the same association between family structure and educational attainment as high-SES youth. This allows me to measure how much SES differences in young adults’ educational attainment are due to SES differences in family structure composition versus SES differences in the association between family structure and young adults’ attainment. The results suggest that family structure plays a surprisingly small role in explaining why children from higher-SES families obtain more years of education. This study adds new evidence to the ongoing debate on the importance of family structure for intergenerational economic mobility.