Rising rates of depression among adolescents raise many questions about the role of depressive symptoms in academic outcomes for college students and their roommates. In the current longitudinal study, we follow previously unacquainted roommate dyads over their first year in college (N= 245 dyads). We examine the role of depressive symptoms of incoming students and their roommates on their GPAs and class withdrawals (provided by university registrars) at the end of the Fall and Spring semesters. We test contagion between the roommates on both academic outcomes and depressive symptoms over time. Finally, we examine the moderating role of relationship closeness. Whereas students’ own initial levels of depressive symptoms predicted their own lower GPA and more course withdrawals, they did not directly predict the academic outcomes of their roommates. For roommates who form close relationships, there was evidence of contagion of both GPAs and depressive symptoms at the end of Fall and Spring semesters. Finally, a longitudinal path model showed that as depressive symptoms spread from the student to their roommate, the roommate’s GPA decreased. The current work sheds light on a common college experience with implications for the role of interventions to increase the academic and mental health of college students.