The rising share of women in college with dependent children and growing emphasis on two‐generation policies for reducing socioeconomic inequality have galvanized research aimed at determining whether mothers' increased education can improve their and their children's well‐being. Yet as part of this effort, scholars have overlooked signs that mothers' college enrollment may not be unequivocally good for families. This research brief aims to bring greater attention to this side of the story. The authors analyze time diary (2003–2015) and well‐being data (2010, 2011, 2013) from the American Time Use Survey. The authors find that mothers in college experience a time squeeze that limits their time in caregiving, self‐care, and work, on one hand, and school‐related activities, on the other. This time squeeze may explain why mothers enrolled in college (compared with mothers who were not in school) also reported less happiness and more fatigue during activities with their children.