As police officers have become increasingly common in U.S. public schools, their role in school discipline has often expanded. While there is growing public debate about the consequences of police presence in schools, there is scant evidence of the impact of police on student discipline and academic outcomes. This paper provides the first quasi‐experimental estimate of funding for school police on student outcomes, leveraging variation in federal Community Oriented Policing Services (COPS) grants. Exploiting detailed data on over 2.5 million students in Texas, I find that federal grants for police in schools increase middle school discipline rates by 6 percent. The rise in discipline is driven by sanctions for low‐level offenses or school code of conduct violations. Further, I find that Black students experience the largest increases in discipline. I also find that exposure to a three‐year federal grant for school police is associated with a 2.5 percent decrease in high school graduation rates and a 4 percent decrease in college enrollment rates.