The first year of college constitutes a time of substantial transition for incoming students. Clearly, students vary greatly in their ability to cope with and adjust to these new challenges, and some students face far more challenges than others. A potentially important resource for successfully accomplishing this life transition is positive psychological functioning, otherwise known as psychological well-being (PWB). In other words, PWB is important not only for students making the transition to college, but also for individuals at any age. This study explores the factors associated with PWB among incoming college students and the experiences that contribute to changes in PWB during the first year. (Contains 2 tables.)