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A group of 801 students studying at Turkish universities participated in the study and data was analyzed using multiple regression analysis with SPSS. Results showed that the academic achievement, social media use (frequency and total time), identity processes (commitment making, in-breadth, ruminative and in-depth exploration), hope, empathy, social empathy, sense of community, civic and political participation are significant predictors of psychological well-being of university students. However, gender, socioeconomic status, digital literacy and identification with commitment are not significant predictors of psychological well-being.