Objective: The study examined the role of fear of COVID-19 and of financial difficulties in the family on the positive (flourishing and satisfaction with life) and negative (depression, anxiety, and stress) dimensions of mental health among a Filipino university student sample during the COVID-19 crisis. Method: Using a cross-sectional online survey, data were collected among university undergraduate students (N = 681) from September to October of 2020. The online questionnaire included demographic information, the Fear of COVID-19 scale and measures of positive (SWLS and Flourishing Scale) and negative mental health (DASS-21 Filipino). Results: Results of structural equation modelling revealed that fear of COVID-19 infection predicted all three indicators of negative mental health (depression, anxiety, and stress) but not the positive mental health indicators (satisfaction with life and flourishing). Financial difficulties, in contrast, predicted all indicators of positive mental health and negative mental health, except stress. Conclusions: While fear of COVID-19 is associated with students' negative mental health, their financial concerns have a wider ranging association with positive and negative mental health. Mental health services must address the psychological consequences of the COVID-19 pandemic on university students, such as the more basic financial difficulties of some students and their families.