An alarming number of students drop out of junior high school in developing countries. In this study, we examine the impacts of providing a school counseling intervention on student dropout behavior and learning anxiety. Analyzing data from a randomized controlled trial involving 74 junior high schools and 7,495 students in rural China, we find that school counseling reduces dropout and decreases learning anxiety in the short-term but not in the long-term. Furthermore, we suggest that the attenuation in impacts over time (for the average student) is largely due to decreasing student interest in the school counseling program. However, we find that school counseling reduces dropout and learning anxiety among students at high-risk of dropping out (older students and students with friends who have already dropped out) in both the short and long-term.