To develop a veterinary workforce equipped for long-term professional success, educational institutions must prioritize their students' well-being. Most approaches focus on building assets within the individual, like stress management, to limit negative outcomes, like burnout. Our research proposes a positive psychology-based model of student thriving that instead emphasizes the pervasive role of the social climate within a context. Basic Psychological Needs Theory (BPNT) posits that social relationships at the institutional, faculty and staff, and peer levels will promote student thriving and limit frustration through the satisfaction or frustration of the three psychological needs of competence, autonomy, and relatedness. Veterinary medical students across the United States (N = 202) completed a survey, and we used structural equation modeling to test how their institution's social climate predicted positive student outcomes (i.e., hope and life satisfaction) and a negative outcome (i.e., burnout) mediated by psychological need satisfaction and frustration. Students' perceptions of positive aspects of their institution's social climate ubiquitously predicted each variable in the model. Overall, the model positively predicted psychological need satisfaction (R2 = .44), hope (R2 = .67) and life satisfaction (R2 = .51), and negatively predicted psychological need frustration (R2 = .34) and burnout (R2 = .87). Findings emphasize the role veterinary medicine peers, faculty, and staff play in creating learning environments that support student thriving while limiting their frustration. By leveraging the interpersonal qualities posited by BPNT's parent theory, self-determination theory, veterinary medical colleges can build a culture of student support that benefits all within their system.