This study examined the associations of subjective social status (SSS), objective measures of socio-economic status (SES), and depression among graduate-level college students. This cross-sectional study surveyed 800 graduate-level students attending a major public research university in the Mid-Atlantic region of the United States. SSS was derived from the MacAuthur Scale of Subjective Social Status, SES from respondents’ parental income and education, and depression from the Patient Health Questionnaire-2. Multivariate logistic regression analysis was used to examine the relationship between SSS, SES, and depression controlling for covariates. The overall prevalence of depression in the sample was 11.1%. Regression modeling demonstrated that low SSS was predictive of depression (OR = 0.65; 95% CI: 0.56 - 0.77) whereas all objective measures of SES were non-significant. Low SSS is a relevant risk factor for depression and should be considered in mental health counseling and academic advising of graduate-level students as it may be amenable to intervention.