The risk and protective variables for Latino students' experience of depression, college adjustment, and drop-out intentions were examined. Perceived bicultural competence emerged as a protective factor, and cultural incongruity, negative perceptions of the university environment, and intragroup marginalization emerged as risk factors associated with these psychological and academic outcomes. Multiple regressions revealed cultural incongruity predicted depression and college adjustment, and bicultural competence predicted college adjustment and drop-out intentions when other variables were controlled.