The purpose of this study was to analyze indirect school effects that the effects of school factors on student achievement through student factors. This study set out the results of the survey on the elementary school students panels from the first year(2012) to the third year(2014) of the GEPS . In order to verify the mediating effects of the student factors, two kinds of structural equation model - the partial mediating model and the complete mediating model without direct path - were estimated and compared. As a results of the analysis of the research data, the indirect effects of student factors in the path from teacher factors to academic achievement were statistically significant. And the results of the indirect effect test using bootstrapping also showed a significant static effect. Based on the results of the analysis, this study suggests policy proposals focusing on the development of programs to strengthen ties between teachers and students, the activation of counseling with homeroom teachers, and the expansion of opportunities and supports to enhance the professionalism of teachers.