This paper reports two prospective investigations of the role of friendship in the relation between peer victimization and grade point averages (GPA). Study 1 included 199 children (105 boys, 94 girls; mean age of 9.1 years) and Study 2 included 310 children (151 boys, 159 girls; mean age of 8.5 years). These children were followed for two school years. In both projects, we assessed aggression, victimization, and friendship with a peer nomination inventory, and we obtained children's GPAs from a review of school records. Peer victimization was associated with academic declines only when children had either a high number of friends who were above the classroom mean on aggression or a low number of friends who were below the classroom mean on aggression. These results highlight the importance of aggression levels among friends for the academic adjustment of victimized children.