Different disciplinary groups are increasingly questioning current conceptualisations of young adults' educational, social and personal lives after compulsory schooling. New perspectives are being advanced on the life trajectories of choice and complexity now experienced by school leavers. A consistent theme is the changed nature of young adults' lives, reflecting social and economic pressures on educational, work and personal life goals. This age group has the highest incidence of mental disorders of any age cohort (Andrews, Hall, Teesson, & Henderson, 1999). The changed learning environment in the move to university entails life and environmental events that create risk conditions for young adults. In these circumstances varying degrees of loss, challenge and personal growth exist. Concurrent personal losses, such as death of a peer or family member, broken love relationships, and failure to achieve the dream of a future career, can create particular vulnerabilities. Loss may interfere with the natural progression of intellectual--emotional--psychological growing up (Kastenbaum, 2001). In this article the mental health of young adults is viewed through the lens of loss experiences within a context of change in their life trajectory. Data is drawn from a mixed method study involving questionnaire completion and in-depth interviews of students in four university campuses in New South Wales.