We sought to quantify the effectiveness of special education services as naturally delivered in U.S. schools. Specifically, we examined whether children receiving special education services displayed (a) greater reading or mathematics skills, (b) more frequent learning-related behaviors, or (c) less frequent externalizing or internalizing problem behaviors than closely matched peers not receiving such services. To do so, we used propensity score matching techniques to analyze data from the Early Childhood Longitudinal—Study Kindergarten Cohort, 1998–1999, a large scale, nationally representative sample of U.S. schoolchildren. Collectively, results indicate that receipt of special education services has either a negative or statistically non-significant impact on children’s learning or behavior. However, special education services do yield a small, positive effect on children’s learning-related behaviors.