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Due to the COVID-19 pandemic, many institutions of higher education had to close their campuses and shift to online education. Here, we investigate how stay-at-home orders impacted students. We investigated results obtained by 15,125 bachelor students at a large Dutch research university during a semester in which the campus was closed and all education had shifted online. Moreover, we surveyed 166 students of the bachelor of psychology program of the same university. Results showed that students rated online education as less satisfactory than campus-based education, and rated their own motivation as having gone down. This was reflected in a lower time investment: lectures and small-group meetings were attended less frequently, and student estimates of hours studied went down. Lower motivation predicted this drop in effort. Moreover, a drop in motivation was related to fewer credits being obtained during stay-at-home orders. However, on average students reported obtaining slightly more credits than before, which was indeed found in an analysis of administered credits. In a qualitative analysis of student comments, it was found that students missed social interactions, but reported being much more efficient during online education. It is concluded that whereas student satisfaction and motivation dropped during the shift to online education, increased efficiency meant results were not lower than they would normally have been.