Reading difficulties have been associated with problems in psychological functioning, including challenges in both anxiety and self-efficacy. This study was designed to determine whether such psychological functioning problems are specific to the academic sphere or more global. First-year undergraduate students with and without a history of reading difficulties (n = 40 and 46, respectively) completed standardized questionnaires on general and academic anxiety, and social and academic self-efficacy. Students with a history of reading difficulties reported higher academic anxiety, but comparable general anxiety, relative to those with no such history. Students with a history of reading difficulties also reported lower academic self-efficacy, but comparable social self-efficacy, relative to those with no such history. These findings suggest that students with a history of reading difficulties, as compared to those without such history, experience academic-specific mental health symptoms involving heightened anxiety and low self-efficacy as they enter university. These results point to the need for focused and targeted assessments to be able to capture difficulties they experience with anxiety and self-efficacy and interventions to help them cope with these difficulties. More broadly, the findings have implications for how universities assess academic vulnerabilities and provide access to specific course accommodations.