The United States (US) does not formally count, recognize, or support students in higher education who are caregivers, unlike England and Australia. This mixed-methods study presents results from a new survey of caregiving undergraduate and graduate students at a large university in the US. Students (N = 7592; 62.7% White, 69.9% women) reported their caregiving responsibilities, depression, and anxiety, which were linked to administrative records of financial aid, part-time status, and academic grades (GPA). A small but noteworthy portion of students identified as caregivers (5.6%, N = 427), either for someone who was chronically ill or elderly (3.2%; N = 239) or for a minor under age 18 (2.9%; N = 227). Caregiving students were disproportionately women, graduate students, enrolled part-time, and receiving financial aid. Further, caregivers for the chronically ill or elderly (but not for a minor) faced heightened emotional and academic risk. Specifically, caregiving for 3-5 days per week was associated with lower GPA, and caregiving more hours per day was linked to greater anxiety and depressive symptoms. US universities should identify the needs of caregiving students and design policies to mitigate emotional and academic risk.