Objective: Graduate students report high levels of distress, levels that professionals are calling a mental health crisis. Researchers have identified several factors that may exacerbate student distress, but our objective was to assess positive aspects that may attenuate distress. Methods: Over 3600 graduate students from 10 campuses responded to questionnaires assessing depressive symptoms as well as both positive and negative aspects of their current lives. Results: Both negative factors (financial concerns, poor mentorship, and perceived institutional discrimination) and positive factors (social support, departmental social climate, and optimism about their career prospects) are related to depressive symptoms in the expected directions, although the positive factors have stronger effects. Further, positive factors buffer the effects of the negative aspects on depressive symptoms. Conclusion: Although findings are correlational and do not imply causation, results suggest potentially modifiable factors that universities should consider when considering graduate student well-being.