Compared to their white counterparts, college students of color often have to deal with extra stressors associated with racial/ethnic (R/E) discrimination. R/E discrimination has been shown to be associated with a variety of negative outcomes, including increased psychological distress. This study aimed to better understand the negative impacts of R/E discrimination on college students of color by examining an indirect effect model in which discrimination affected psychological distress through perceived social support. Further, the moderating roles of three novel variables: social dominance orientation, collective coping, and internalized racism were explored. We predicted that social dominance orientation and collective coping would weaken the positive association between R/E discrimination and psychological distress whereas internalized racism would strengthen this relation. Participants of this study included 239 students of color recruited from a university in the southern United States who completed a research questionnaire measuring relevant variables. Results indicated that experienced discrimination was significantly correlated with elevated psychological distress for students of color and that experienced discrimination was related to diminished social support from family, which in turn, led to greater levels of psychological distress. However, none of the hypothesized moderations was found to be significant. Limitations of the current study, future directions, clinical implications and implications for diversity, equity, and inclusion are discussed.