To improve conceptualizations of college student mental health, the present study (N = 538) compared predictors of well-being that comprise both well-established counseling theories (e.g., attachment) and newer models specific to the life experience of the millennial generation and Generation Z. Predictors included internal resources (i.e., attachment security, ego resilience), emerging adulthood identification, and social resources (i.e., social support, social media usage). Each variable set predicted significant variance. The emerging adulthood and social media variables accounted for approximately 7% of variance in both psychological well-being and life satisfaction. Identifying emerging adulthood as a time of negativity and instability was the second strongest predictor of psychological well-being, while identifying emerging adulthood as a time of experimentation and possibilities was the second biggest predictor of life satisfaction. Implications for conceptualizing and treating today's students are discussed.