This article reports the findings from a questionnaire survey of university students' scholastic achievement and psychological well-being in a Canadian prairie city. Multiple ordinary least-squares regression analyses revealed that sex, educational aspirations, hours spent on studying, father's education, physical health, financial stress, and stress due to balancing work, school, and social life were found to be significantly associated with academic performance. More specifically, female students and those who reported higher educational aspirations, indicated better physical health, experienced less financial stress or stress due to finance or to balancing work, school, and social life, spent more time on studying, and those whose father had a higher level of education were found to perform better academically. On the other hand, income, physical health, relationship with significant other, relationship with family, relationships with friends, self image, and academic stress were found to be significantly related to psychological well-being. Put succinctly, respondents who had a higher family income, reported better physical health, expressed a higher degree of satisfaction with their relationships with family, friends, and significant other, indicated a more positive self-image, and experienced less academic stress were found to exhibit a significantly higher level of psychological well-being. © 2007 Springer Science+Business Media B.V.