The article considers some aspects of the influence of education on income: how the level of education affects the probability of being employed and the job level, as well as how it affects the differentiation of incomes. It further considers the influence of income on education: the inequality in the access to education for children and adults. The research uses the data of the Russian monitoring of economics and health and of the National Survey of Well-Being of Households and Participation in Social Programs, as well as government statistics and specially created questionnaires. Recommendations for social policies in the sphere of education and income are given.