There were two primary goals of this study, the first of which was to replicate previously established curvilinear associations between school affluence and substance use, while assessing potential relations between socioeconomic status (SES) and academic success during the transition to college. The second goal of this study was to establish patterns of perceived parenting factors in order to assess predictive value of such latent profiles with respect to student outcomes relevant to wellbeing and retention in college. Results indicated that substance use was, in fact, associated in a “U-shaped,” curvilinear fashion with high school affluence. Additionally, students grouped into three primary perceived parenting profiles, characterized broadly as “authoritative,” “warm and permissive,” and “uninvolved.” While “optimal” outcomes were associated with students in the authoritative group, these latent profiles lacked predictive value. Supplemental analyses revealed differential associations of various parent factors with males and females, as well as advantaged and disadvantaged youth. Taken together, these results emphasized the importance of parenting during high school in order to promote healthy, safe habits and sufficient self-agency during the transition to college.