University has been proving as powerhouse for cultivating resources for innovative education to the students of diverse socio-cultural backgrounds after transformation from elite to mass. The fluctuating socioeconomic statuses of the families of the students have exerting its influence on the academic pursuit and quality of life. There involves various psycho-social and cultural factors behind their psychological vulnerabilities. As a result the students belonging to low socioeconomic status in higher institutions experience setback and nervous breakdown while staying at their residential accommodation as well as in university hostels. Hence, the main objective of the present study is to appraise the impact of socioeconomic status on the psychological wellbeing among boarders and non boarder’s boys and girls students, pursuing their higher education from Himachal Pradesh University, Summer Hill, Shimla (India).