This study analyzes factors associated to third and sixth grade Paraguayan students’ performance in the Third Regional Comparative and Explanatory Study (TERCE). The availability of TERCE data is a good opportunity to suggest recommendations for Paraguayan and Regional educational policies. A two-level multilevel model analysis that takes into account complex survey design characteristics such as weights and plausible values. This study found similar results as other international studies conducted in Hispanic and Latin-American countries. The results also showed some more contextual variables associated to Paraguayan students’ performance. This represents a contribution to the educational policies in the country.