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Using three waves of data (1998, 2000, 2002) on 1,325 emerging adults, we examined depressive symptoms and life satisfaction among a diverse group of high school dropouts and graduates. Emerging adults who left school without graduating were significantly more depressed and reported lower life satisfaction than graduates at the time of their expected graduation (T1), but these differences were nonsignificant 4 years later (T3). Working within an ecological developmental framework (Bronfenbrenner , ), we found that graduation status, household composition, family general and transition specific support, peer support, and adolescent attachment styles protected against adverse mental health consequences at T1. However, only parent and peer support and attachment predicted changes in depressive symptoms and life satisfaction from T1 to T3. [ABSTRACT FROM AUTHOR]