Self-determination theory (SDT) and the job demands-resources (JD-R) model of burnout have been identified as important in understanding psychological distress among university students. This study aimed to investigate key factors influencing distress (depression, anxiety, stress and burnout) among students, using stepwise multivariate regression modelling based on a survey of nearly 750 undergraduate and postgraduate students at an Australian university. This analysis confirmed the importance of SDT and the JD-R model in explaining psychological distress among students. It also demonstrated that the relative importance of factors in these theories appeared to be influenced by academic preparedness. Specifically, motivational pathways may be more important for wellbeing among well-prepared students, whereas less prepared students may benefit from support in meeting study- and life demands. This suggests that supporting wellbeing in higher education may require different strategies for different cohorts.