The accumulation of human capital has been recognized as one of the keyfactors that lead to long-run macroeconomic growth. A segment of this literature has focused its efforts in demonstrating the link between financial markets, inequality and the accumulation of human capital. According to Galor & Zeira (1993), due to the imperfections in the credit markets, the income distribution has long-run negative effects on the investment on human capital and therefore in economic development. This paper verifies empirically the joint effect of income inequality and access to credit on the accumulation of human capital in Colombia. The evidence indicates that income inequality has negative effects on schooling assistance, while a higher presence of the financial markets has positive effects on this variable. With regards to the joint effect, the data suggests that a higher access to the financial markets partially counteracts the negative effects of inequality. These results are more marked in those municipalities which present higher levels of income inequality.