Depression amongst immigrant students from the former Soviet Union was assessed as an index of the stage of their acculturation into the new host society, Israel. At the beginning of the first year of nursing school, three groups completed the Beck Depression Inventory. The two groups of immigrants: immigrant nurses preparing for licensing (N = 26) and immigrant students (N = 16), reported mild levels of depression, while Israeli students (N = 33) were significantly less depressed, within the normal range. Six months later, both immigrant groups were within the normal range, the immigrant nurses group showing the greatest decrease in depression. This change may be explained by adaptation to the educational setting, mastering the host society's language and social anchorage. The importance of background variables for predicting depression reduction is examined. The findings are discussed within the framework of multistage models of acculturation and the implications for counseling immigrant students are presented.