In this paper, we present two studies from the first randomized controlled trial on the impact of a values affirmation intervention on academic performance and psychological well-being in school for deaf students in secondary deaf schools in Nepal. In Study 1, we found moderate and suggestive evidence that values affirmation had a small effect on lowering students’ perceived stereotype threats and improving their academic performance. Contrary to the evidence in past studies, the affirmation effect was stronger among students who initially reported facing fewer stereotype threats. These findings suggested that the intervention might not counter severe threats for some students but could help those facing objectively high, yet relatively lower, threats by providing a psychological buffer. In Study 2, we conducted a qualitative thematic analysis of students’ reflections in both the treatment and control exercises and used the thematic codes to predict academic performance separately within each treatment condition. We found strong evidence that reflections on the themes “Self-awareness and growth in self-identity” and “Relationship with friends” were positively associated with better academic performance for students in the treatment group. We found no evidence that any themes in the control group negatively predicted academic performance for students in the control group. These findings pinpoint plausible context-specific mechanisms for values affirmation and provide an example research agenda for future values affirmation studies targeting vulnerable populations in novel contexts.