PurposeHigher education may protect an individual against depressive symptoms, yet, disadvantaged socioeconomic status (SES) during childhood, often measured by lower parental education, may put them at higher risk for depressive symptoms later in life. This study evaluates if midlife depression is similar for first-generation and multi-generation college graduates. MethodsFor US Health and Retirement Study (HRS) participants ages 55–63 (N = 16,752), we defined a 4-category exposure from parents' (highest of mother or father's) and participant's own years of education, with 16 years indicating college completion: multi-gen (both ≥ 16 years: reference); first-gen (parents <16; own ≥ 16); only parent(s) (parents ≥ 16; own <16); and neither (both <16) college graduates across three birth cohorts. We used linear regressions to evaluate relationships between college completion and depressive symptoms measured by an 8-item Center for Epidemiologic Studies – Depression (CES-D) scale. Models pooled over time evaluated differences by sex, race/ethnicity, and birthplace. ResultsFirst-gen and multi-gen college graduates averaged similar depressive symptoms in midlife (β: 0.01; 95% CI: 0.15, 0.13). Results were similar by sex and race/ethnicity. ConclusionConsistent with resource substitution theory, college completion may offset the deleterious effects of lower parental education on midlife depressive symptoms for first-generation graduates.