The academic impact of serious depression among college students is beginning to receive increased attention in the research literature. In contrast, we know very little about the affect of mild depression, or dysphoria, on academic performance. This study examines the relationship of baseline dysphoria in 188 students to five measures of academic performance following baseline. Results suggest that even mild dysphoria is associated with poorer academic performance among, paradoxically, academically stronger female students. We discuss the importance of attending to this group of students who are often overlooked because they are relatively high achievers, but who may benefit from short-term, low-level intervention.