The use of social media is prevalent among college students. Additionally, youth and high school students, many of whom will eventually enroll in college, also use social media at high levels. With the nearubiquitous use of social media and the culture that comes with it, it is important for researchers to understand the effects and relationships that social media use has on students and the different aspects of students' lives. This study specifically considers the outcomes of academic performance and satisfaction with life and digs deeper into these relationships by looking at the mediating role of academic self-efficacy and controlling for the effects of self-regulation. Results from a sample of 234 college students indicate that social media use is negatively associated with academic self-efficacy and academic performance and that academic self-efficacy mediates the relationships with academic performance and satisfaction with life.