University education is recognized as an important period of life that determines the future trajectories and success of individuals. It is also the time when the onset of depression peaks. In this paper, we use data on 4,182 students from a selective university to identify the main factors associated with symptoms of depression among this cohort. Besides socio-demographic characteristics that are largely out of the university's control, we pay specific attention to the role of students’ satisfaction with various aspects of their university life. We find that controlling for potential confounders, satisfaction is negatively associated with depression. We also find that survey data routinely collected by the university could be used to identify individuals at high risk of future depression.