Objective: This study examined the association between positive screening for depression, current exposure to microaggressions, distress evoked by microaggressions, and subjective social status among high-achieving minorities. Methods: An observational cross-sectional study was conducted using the Racial Microaggressions Scale, MacArthur Scale of Subjective Social Status, Patient Health Questionnaire-2 for depression, and measures for sociodemographic covariates. Participants were 325 minority graduate-level students age 18 years and older enrolled in a major state public university. Results: Nearly the entire sample (98.8%) reported having recently experienced microaggressions. Frequency of exposure to microaggressions was significantly associated with 2.46 times greater odds of depression, and distress evoked by microaggressions was significantly associated with 2.14 times greater odds of depression, after adjustment for subjective social status and sociodemographic indicators. Odds of depression significantly differed by subjective social status, with participants ranking themselves at mid- (OR = 0.42, p = 0.028) to high(OR = 0.25; p = 0.008) in social status having reduced odds for depression compared to those at the lowest social status. Conclusion: Microaggressions are common, create significant distress, and impact depression independently of perceived social status. These results have implications for individual therapeutic and environmental interventions in university settings.