Under the shadow of the COVID-19 pandemic, it is of vital importance to explore its impact on the psychological wellbeing of the students in higher education. Accordingly, this research investigated hopelessness among students at a state university in Turkey throughout the pandemic. The research was conducted in two separate studies, one cross-sectional and the other longitudinal. Study I examined students’ hopelessness level in relation to gender, job or income loss, social media use, academic unit, and grade. Study II compared students’ hopelessness level during the distance and hybrid education periods. The data were collected online through Personal Information Form and Beck Hopelessness Scale in both studies. The findings of Study I indicated significantly higher hopelessness scores in females, students who experienced job or income loss, and seniors at faculties. It was also found that the level of hopelessness increased as the duration of social media use rose. In addition, Study II revealed that students’ hopelessness scores significantly decreased during the hybrid education in contrast to the distance education. Based on these findings, we suggest that during distance education in times of crisis, psychological counseling and career guidance interventions should be planned and coordinated according to the characteristics of risk groups, and e-learning models offering the highest social interaction should be preferred.