Background: Impulsivity as a multidimensional construct is commonly linked with a wide range of mental health disorders, such as Bipolar Disorder (BD) and Borderline Personality Disorder (BorPD). Previous research suggests that individuals with BD and BorPD are more likely to be associated with lower academic achievement. This experiment aims to investigate the interrelation between BD or BorPD traits, impulsivity, and poor academic performance (GPA). Method: Our pre-registered study tested bipolar and borderline personality traits from a sample of 125 college students. Two behavioral tasks (Two-choice impulsivity paradigm; Go/no-go) and a self-report questionnaire (Barratt Impulsiveness Scale, BIS-11) were used to measure impulsivity. Students’ Grade Point Averages (GPAs) were also collected. Results: Both bipolar and borderline personality traits were positively correlated with the self-report impulsivity questionnaire (BIS-11) but not with the behavioral tasks. Students’ GPA were not significantly correlated with BD, BorPD traits, and impulsivity measures (behavioral and self-report). The self-report impulsivity questionnaire (BIS-11) was only significantly correlated with the Go/no-go task performance, but not the two-choice impulsivity paradigm. Limitations: This study is a correlational study in which participants have pre-existing conditions, therefore we cannot get a causal relationship. Besides, due to the normative sample, the study can only look at traits instead of diagnosis. Conclusions: Results from this study suggest that students with bipolar and/or borderline personality traits tend to have higher self-report impulsivity, without a noticeable impact on their GPA. Our results also support the growing consensus that impulsivity describes a diverse set of processes and traits.