Graduate students face a variety of stressors that relate to poor academic performance, lower completion rates, and high rates of depressive symptoms, anxiety, and stress. Student peers provide supports for coping with these stressors and succeeding academically. However, graduate students may find it difficult to form relationships with their peers. This mixed method social network analysis (MMSNA) examines graduate student perceptions of their peer relationships and the factors associated with peer friendships in a program that placed students in cohorts for the first semester of a two-year Master of Social Work program. Findings from three student focus groups include four main themes related to the cohort system and the tendency for students to gravitate to others who were similar to them (i.e., homophily). Focus group findings informed model specification for a curved exponential family model of student friendships at the end of the third semester of the program (N = 70) that identified correlates of student friendships including statistically significant direct and homophily effects for age, gender, and race/ethnicity. First-semester relationships and shared classes in subsequent semesters also increased the likelihood of friendships in the third semester. Findings emphasize the value of cohorts and a diverse student body for peer relationships.