The school was named after Annie Heads Rainwater, a Carrollton Pioneer. Rainwater Elementary currently serves 598 students in kindergarden through fifth grade.
Kindergarden students have a half day program in the morning or afternoon.
The students selected the school colors - purple, teal and indigo blue. Students are the center of Rainwater's program. Problem solving and decision making is a strong focus at Rainwater. Students at Rainwater enjoy a variety of enrichment programs after school, including the choir, the yearbook staff, student council, art, physical education, and computer classes. After school tutoring is also provided for students who need special help.