Purpose: This study examined the role of subject-selection reasons and learning environment factors in students' depression and suicidality.Design and Methods: This study surveyed 960 students from five different Bangladeshi universities using questions concerning socio-demographics, lifestyles, subject-selection reasons, learning and academic environment, suicidal behaviors, and the Bangla Patient Health Questionnaire.Findings: Approximately half of the participants were depressed (47.7%), and just over a quarter reported past-year suicidality (28.5%). Risk factors for both depression and suicidal behavior included not studying at their desired institute, selecting subjects based on future career prospects (rather than choosing what they want to study), not having a study-friendly and research-friendly environment, and unsupportive teachers.Practical Implications: The findings will help in formulating policies for educational institutions as well as providing benchmark data for further studies.