Sexual minorities face experiences of heterosexist harassment in the college environment, which may contribute to decreased academic well-being. Thus, the present study investigated whether social cognitive variables and heterosexist harassment predict sexual minority college students’ academic satisfaction and intentions to persist. The sample consisted of 731 undergraduate students who completed an online survey. Social cognitive variables were hypothesized to predict academic satisfaction, as specified by the social cognitive model of academic satisfaction, with heterosexist harassment operating as a barrier. Results suggested that the social cognitive model provided good fit to the data. Heterosexist harassment was found to be associated indirectly with academic satisfaction via perceptions of lower environmental support and it was found to negatively predict intentions to persist. Implications of the results are that heterosexism may play a role in sexual minority students’ academic development and that social cognitive career theory may offer a useful framework for interventions.