One of the characteristics of the actual Chilean school system is the growing segmentation across socioeconomic groups of students, which has intensified in the last decade along the growth of private schools enrollment. In the heart of this phenomenon has been the policy debate on financing of the school system. Beyond the measures of the student's individual vulnerability, the article discusses the need to incorporate aspects of educational risk related to the territories where the students are located, and the dependency relationships between these areas at a national level. To understand the relationships between regions the daily migration processes of students between districts are analyzed, delving into the case of the Lakes Region. The paper concludes with policy recommendations for the funding policy and the management of public education policy in the context of the discussion of the new architecture of Chilean school system.    Una de las características del sistema escolar chileno actual es la creciente segmentación socioeconómica de sus estudiantes, la cual se agudiza en la última década a la par del crecimiento de la matrícula privada. En el centro de este fenómeno se haya el debate sobre la política de financiamiento del sistema escolar. Más allá de las medidas de vulnerabilidad individual de los estudiantes, en el artículo se discute la necesidad de incorporar aspectos de riesgo educativo asociados a los territorios donde éstos se localizan, y a las relaciones de dependencia entre estos territorios a nivel nacional. Para entender las relaciones entre territorios se analizan los procesos de migración cotidiana de estudiantes entre comunas, profundizando en el caso de la región de Los Lagos. Se concluye con recomendaciones para la política de financiamiento y de gestión de la educación pública, en el contexto del debate de la nueva arquitectura del sistema escolar chileno.    One of the characteristics of the actual Chilean school system is the growing segmentation across socioeconomic groups of students, which has intensified in the last decade along the growth of private schools enrollment. In the heart of this phenomenon has been the policy debate on financing of the school system. Beyond the measures of the student's individual vulnerability, the article discusses the need to incorporate aspects of educational risk related to the territories where the students are located, and the dependency relationships between these areas at a national level. To understand the relationships between regions the daily migration processes of students between districts are analyzed, delving into the case of the Lakes Region. The paper concludes with policy recommendations for the funding policy and the management of public education policy in the context of the discussion of the new architecture of Chilean school system.