BACKGROUND: Students, who comprise a significant proportion of society, are a vulnerable group that often experiences high levels of stress, affecting their psychological well-being. At the same time, students’ stress has to be assessed comprehensively, taking into account various factors such as living conditions and academic demands, AIM: To assess the psychosocial stress and psychological well-being of students, taking into account the characteristics of the university and the urban environment, whether it is a megalopolis or a regional center. MATERIAL AND METHODS: A cross-sectional study was conducted among students from St. Petersburg State University (SPbSU) and Belgorod State University (BSU) using an online survey method with a snowball sampling technology. The survey questionnaire aimed to gather both qualitative and quantitative data on key stressors, indicators of psychosocial maladaptation and mental health issues using the DASS-21 scale. The collected data was analyzed using IBM SPSS Statistics v. 27. RESULTS: Students at SPbSU exhibited more pronounced signs of psychological distress, such as anxiety, stress, depression, loneliness, fatigue, and a need for psychological assistance. They also, reported facing challenges in in their daily lives, including issues with nutrition and transportation. Additionally, they were more likely to use nonproductive coping mechanisms, such as excessive use of social media and engaging in addictive behaviors. On the other hand, the students at BSU demonstrated a closer and more trusting relationship with their parents, as well as and higher level of financial dependence on their families. However, as for main indicators of academic stress, particularly in relation to the use of online technologies during the pandemic, there were no significant differences between the students of both universities. CONCLUSION: The influence of living in a megalopolis is likely to be the primary factor contributing to the observed disparities in psychosocial maladaptation among the surveyed student populations. More attention should be paid to the adaptation of students to life in large cities, with a focus on support from families and university administrations.