The concept that mentoring and counseling are related has been widely discussed in the literature. Having a counseling approach to college mentoring and advising seems to be even more important when trying to meet the needs of racially and culturally diverse students. College students’ departure poses a significant problem to college and universities. The National Center for Education Statistics has consistently reported that the percentage of graduates from racial and cultural diverse backgrounds is significantly lower than that of White students. This paper discusses the usefulness, within the mentoring/advising process, of two main pillars of cognitive therapy (CT), that is, Problem Solving and Cognitive Restructuring. It is argued that they can be important tools to assist college mentors and advisors in helping culturally and racially diverse students to overcome cognitive distortions and beliefs that may be roadblocks to their academic success. The concepts of Problem Solving and Cognitive Restructuring are discussed as well as common cognitive distortions of culturally and racially diverse students that negatively impact their ability to remain in college and be academically successful.