Undergraduate women completed measures of externally contingent self-worth, self-esteem instability, and depression at the beginning (Time 1) and again 3 months later near the end (Time 2) of an academic semester. Findings indicated that when Time 1 depression scores were controlled for, each Time 1 facet of self-esteem made significant contributions to Time 2 depression scores. Implications of these findings for the counseling of depressed college students are discussed.