The current study investigated the value of faculty mentoring among first-generation college students (FGCS). We examined mentored FGCS in general, and, more specifically, the impact of levels of quality of faculty mentoring on ratings of life purpose, perceived well-being, and perceived well-being subscales. We hypothesized that faculty-mentored FGCS would demonstrate greater perceived well-being and general life purpose than nonmentored FGCS. We also hypothesized that FGCS who reported high-quality faculty mentoring would demonstrate a greater sense of life purpose and perceived well-being than FGCS who received low-quality mentoring or no mentoring. Group comparisons based on mentoring quality indicated significant differences. Findings point to the value of programs that aim to increase the quality of faculty mentoring for FGCS, as well as the importance of future research examining specific subscales of well-being such as intellectual and spiritual well-being.