Objective: Whereas several studies have predicted academic achievement (AA) as a function of favorable cognitive factors and low negative emotional functioning (such as depression and anxiety), little is known about its associations with cognitive-emotional states of positive emotional functioning, such as social satisfaction. The present study sought to evaluate associations of AA with dimensions of negative and positive emotional functioning. Method: This cross-sectional study enrolled 275 students (mean age, 21.24 years; 66.1% females), who completed questionnaires covering sociodemographic parameters and AA scores, as well as measures of loneliness and depression (representing negative emotional functioning) and social satisfaction (representing positive emotional functioning). Results: Lower scores for negative and higher scores for positive emotional functioning were associated with higher AA scores. Multiple regression analysis showed that AA was predicted independently by both low negative and high positive emotional functioning. No gender differences were observed. Conclusions: The pattern of results observed in this study suggests that opposing dimensions of emotional functioning are independently related to AA. Students, educators, and health professionals dealing with students should focus both on increasing social satisfaction and on decreasing feelings of loneliness and depression.