Widening participation and improving outcomes for under-represented and disadvantaged groups in higher education are part of the strategic agenda of governments across the globe. A critical aspect of this challenge is enhancing the experience of students from such backgrounds. However, there is relatively limited evidence on the effects of student background, including social and geographical disadvantage and secondary education preparation, on self-reported student experience. This study addressed this topic in the Australian context using data from the annual Student Experience Survey (2016–2020 waves) with linkage to administrative records for 24,292 students from seven higher education institutions. This included data on secondary schools’ administration, resourcing, and socio-economic status from the Australian Curriculum, Assessment and Reporting Authority. Binary logistic regression models were estimated on eight measures of self-reported student satisfaction, and a measure of dropout risk. Students from equity groups, particularly those with a disability or from non-English speaking backgrounds, were found to have lower levels of student satisfaction in aspects of their higher education experience and higher risk of dropout. Those from non-government schools (privately funded) reported higher levels of student satisfaction. Off-campus study was associated with poorer satisfaction but lower risk of dropout, while being engaged in some online study was associated with better satisfaction. The findings indicate the need for better university support for equity group students and signal potential responses through university study design, such as incorporating online study options, and addressing issues faced by students studying off-campus, to improve student outcomes.