Graduate students occupy social positions within institutions of higher education that are rife with role strain and, relative to broader power relations within these institutions, are marginalized. In this study, we inquire how the social positions and concomitant roles of graduate students shape their mental health experiences, investigating potential institutional sources of stress. Our findings suggest that master's and doctoral students have unique mental health concerns related to their roles and social positions as graduate students. Major institutional sources of stress include role strain, mentor relationships, isolation, and funding.