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This study tested the factor structure of the explanatory style for failure (ESF) using confirmatory factor analysis (CFA), tested measurement invariant across direct entry and transfer students, tested latent mean differences between these groups on the ESF factors, and tested a theoretical path model, whereby ESF explains variance in grades indirectly through one's academic resourcefulness. A sample of 743 direct entry and 371 transfer students, with an overall mean age of 21.85 years, completed the ESF and a scale assessing academic resourcefulness, and year-end grades were attained. There was mixed support for the ESF 4-factor structure, though it was invariant across groups. Latent mean analysis showed that transfer students were less likely to attribute academic disappointments to lack of effort, bad luck, and lack of personal ability than direct entry students. Analysis of indirect effects showed that ESF indirectly predicted grades through academic resourcefulness.