The purpose of this study was to examine the relationships between co-op students' perceived relevance of their work term, work-related subjective well-being (SWB), and individual performance at work. Data were collected using a survey of co-op students (n = 1,989) upon completion of a work term. Results of regression analyses testing a conditional process model show that perceived relevance has a significant indirect influence on performance through work-related SWB. These findings point to the significant role of connections between students' post-secondary studies and their work. Students who see a greater degree of connection between the work term and post-secondary are more likely to feel satisfied and engaged at work, and in turn are more likely to perform well. These results and their implications for co-op program administrators and organizations that employ co-op students are discussed.