In this study, the authors sought to examine the determinants of psychological well-being and risk in First Nation students residing in their home community. The participant sample was drawn from students who resided in a First Nation community and were served by their tribal council in a central western province. All students, Grades 1 to 12, who were registered in a First Nation or provincial school were included. The results of the study indicate that, because academic performance continues to be such a strong predictor of psychosocial well-being, it underscores the importance of the school as an ameliorative factor in the prevention and treatment of behavioral problems. Given this finding, the authors recognize the significance of intervention as a preventive measure for all age groups and the responsibility of federal and provincial funding agencies to continue to make available appropriate educational resources to First Nation communities. (Contains 3 figures, 3 tables and 2 notes.)