Universities are seeing growing numbers of students with poor mental health and wellbeing. Given that lower socioeconomic status (SES) students typically have poorer mental health and wellbeing than their peers, this may be, in part, caused by an increase in the number of students attending university from lower SES backgrounds. However, less is known about how socioeconomic inequalities in mental health and wellbeing persist within university communities. Research investigating psychosocial factors that contribute to socioeconomic disparities in mental health and wellbeing suggests perceived control, inclusion, and perceived worth to be important underlying mechanisms. However, another strand of research suggests perceived competence may also play a mediating role in this relationship. Consequently, the present research seeks to examine fulfilment of perceived control, inclusion, perceived worth, and competence needs as potential mediators in the relationship between subjective SES and mental health and wellbeing in university students. Below, we report the results of a cross-sectional survey conducted among university students (n = 811) in the UK during a period of COVID-19 restrictions. In line with prior research, we found evidence of socioeconomic inequalities in mental health and wellbeing among students. Further, we found subjective SES predicted perceptions of control, inclusion, and competence. In turn, perceived control and competence predicted both positive and negative mental health and wellbeing, whilst inclusion predicted positive mental health and wellbeing only. Unexpectedly, we found no evidence that perceived worth acts as a mediator in this relationship, independently of perceived control, inclusion, and competence. As academic institutions continue to pursue policies to ‘widen participation’, they also have a responsibility to understand how socioeconomic inequalities in mental health and wellbeing are perpetuated within the university community. Research in this area marks a first step to improve socioeconomic equality within Higher Education.