Heritability estimates for educational attainment (EA) average 41-43% across international studies using the Classical Twin Design (CTD) while estimates of shared environmental influence are among the highest for any behavioural trait, averaging 31-36%. However, high parental correlations for EA in this literature and high correlations for dizygotic twins relative to studies of non-twin siblings suggest these CTD-based estimates may be biased by unmodelled assortative mating and/or twin-specific shared environments. We investigated this question in the German TwinLife sample by comparing results from a CTD model fit to twin-only data with results from Nuclear Twin and Family Design (NTFD) models fit to twin, sibling, and parent data from the same 982 families. Models assuming phenotypic assortment and social homogamy were compared. Our CTD model estimated heritability at 34% and shared environmental influence at 43%. By contrast, our best-fitting NTFD model was a phenotypic assortment model which estimated heritability at 51% and sibling shared environments at just 10% — attributing 16% to twin-specific shared environments which don’t generalise to non-twin siblings or singletons. These results suggest the far-reaching conclusions sometimes drawn from high CTD-based estimates of shared environmental influence for EA may be misplaced.