Two largely separate bodies of empirical research have shown that academic achievement is influenced by structural factors, such as socioeconomic background, and psychological factors, such as students' beliefs about their abilities. In this research, we use a nationwide sample of high school students from Chile to investigate how these factors interact on a systemic level. Confirming prior research, we find that family income is a strong predictor of achievement. Extending prior research, we find that a growth mindset (the belief that intelligence is not fixed and can be developed) is a comparably strong predictor of achievement and that it exhibits a positive relationship with achievement across all of the socioeconomic strata in the country. Furthermore, we find that students from lower-income families were less likely to hold a growth mindset than their wealthier peers, but those who did hold a growth mindset were appreciably buffered against the deleterious effects of poverty on achievement: students in the lowest 10th percentile of family income who exhibited a growth mindset showed academic performance as high as that of fixed mindset students from the 80th income percentile. These results suggest that students' mindsets may temper or exacerbate the effects of economic disadvantage on a systemic level.