Objective: Material and social stressors are both well-documented contributors to the onset of psychiatric symptoms. This relationship has not yet been investigated within the context of the ongoing coronavirus disease 2019 (COVID-19) pandemic, and within low-income and racially/ethnically diverse urban student populations, who are facing increased stress. Method: Via an online survey, this study assessed material and social stressors and symptom endorsements for depression, anxiety, and posttraumatic stress (PTS), within a public university student sample at two time points, April 8 through May 2, 2020; n = 2,925; and July 9 through July 31, 2020; n = 1,073; during the pandemic. Results: Multivariate regression analyses assessed the relationship between each diagnostic symptom category and stressor category scores. Analyses yielded stronger associations for total social stressor score and probable anxiety (beta = .695, SE = .046, p < .001 in April, beta = .730, SE = .085, p < .001 in July), probable depression (beta = .655, SE = .045, p < .001 in April, beta = .676, SE = .080, p < .001 in July) and probable PTS (beta = .587, SE = .045, p < .001 in April, beta = .687, SE = .083, p < .001 in July), compared with total material stressor scores, total material and social stressor scores. Conclusion: Such findings highlight the burden of both stressor types, but particularly social stress, on psychological health for underresourced students, and emphasize the need for targeted interventions that increase social assets. Clinical Impact Statement Our analyses sought to understand the relationship between material and social assets and prevalence of probable depression, anxiety, and posttraumatic stress in an underresourced urban student population at two time-points during coronavirus disease 2019 (COVID-19). We found that although both material and social stressors were associated with increased symptom endorsements, social stressors were associated with an increased prevalence of all three symptom categories. Such findings emphasize the importance for interventions that work to foster social resources for underresourced students.