Previous literature has established the importance of personal and contextual factors in college students' trajectories. Following the Self- vs. External-Regulation Behavior Theory (2021) and the 3P Biggs Model, the present study aimed at analyzing a structural linear model that validates the joint effect of self-regulation, educational context, age, and gender (as personal and contextual presage variables) with other meta-abilities, such as coping strategies, resilience, and positivity (process variables), and specific well-being outcomes, such as flourishing and health (product variables). A sample of 1310 Spanish college students was analyzed, aged 17 to 25, and a cross-sectional study with an ex post facto design was performed. Association and structural equation modeling (SEM) was performed using SPSS software (v.26) and AMOS (v.23). Results show that individual and contextual factors have an important role in the acquisition of psychological competencies in young adults. Self-regulation was proven to be an important meta-ability that predicts personal well-being and behavioral health outcomes. Complementarily, educational context was shown to be an external predictor of other skills, such as problem-focused strategies, and positive outcomes such as flourishing and behavioral health. Practical implications and limitations are discussed.