Well-being has become a prominent theme for higher education in North America. This paper explores how we might best understand well-being in higher education, given the premium it puts on rationality and critical thinking, in light of insights from psychodynamic theory. The author presents a brief history of the concept of well-being in psychology and higher education, how the unconscious came to be barred from current discourse, and how it might re-establish its place if reframed in terms of the preconscious and sublimation. The author then discusses key concepts from transformative education theory and mindfulness practice, which have had explicit presences in higher education theory and practice, for the helpful roles they might play in bringing this about, since at their borders, the unconscious makes its presence known. Finally, the author poses a way that rationality and depth psychology may co-exist in higher education and bring about fruitful educational results.