In this paper, we try to systematize and to explain different types and sources of frustrations which arise in the transition from school to university with Pekrun’s control-value theory. Empirical basis are problem-centered interviews with 21 mathematics students during their first year of study at university. The results show that a low action-outcome control can be considered as the main source of frustrations, but also that the importance of certain values should not be underestimated. In particular, the consideration of consequences of frustrations allows new approaches to explain phenomena known in higher mathematics education, such as the copying of exercises or a devaluation of mathematical contents, which are discussed.