We study the effects of risk and uncertainty on education in Indonesia. Households that face more uncertainty and that have limited or no access to formal insurance will have a higher motive for self-insurance, and this may have adverse consequences for investment in child education. A key contribution of the article is to decompose risk into village- and household-level components and to estimate whether they have different effects on education. We find no evidence of household risk affecting child education; however, there is evidence that village risk adversely affects investment in education.