Depressive symptoms are down. Psychological well-being is up. Is it a fluke—or the beginning of the end of the postsecondary mental health crisis? Student mental health—long a top concern of higher education leaders—now appears to be improving, according to the latest edition of the annual Healthy Minds study. It found that 38 percent of undergraduates surveyed in the 2023–24 academic year experienced moderate or severe depression symptoms—down from the peak of 44 percent two years prior.