Coming from a disadvantaged background can have negative impact on an individual's educational trajectory. Some people however seem unaffected and cope well with the demands and challenges posed by school education, despite growing up in adverse conditions, a phenomenon termed academic resilience. While it is uncertain which underlying factors make some people more likely to circumvent unfavorable odds than others, both socioeconomic status (SES) and cognitive ability have robustly been linked to school performance. The objective of the present work is to investigate if individual cognitive abilities and SES interact in their effect on grades. For this purpose, we analyzed SES, cognitive, and school performance data from 5001 participants from the Adolescent Brain Cognitive Development (ABCD) Study. Ordinal logistic regression models suggest similar patterns of associations between three SES measures (parental education, income-to-needs ratio, and neighborhood deprivation) and grades at two timepoints, with no evidence for interaction effects between SES and time. Parental education and income-to-needs ratio were associated with grades at both timepoints, irrespective of whether cognitive abilities were modeled or not. Neighborhood deprivation, in contrast, was only a statistically significant predictor of reported grades when cognitive abilities were not factored in. Cognitive abilities interacted with parental education level, meaning that they could be a safeguard against effects of SES on school performance.