Objective: To assess the COVID-19 pandemic's effects on college students' stress, life satisfaction, and college experiences and investigate sources of resilience. Participants: 1,042 students from 11 U.S. colleges and universities. Methods: Longitudinal study with surveys in winter 2018-2019 and fall 2021. Interviews with 54 survey respondents, spring 2021. Surveys measured purpose, social agency, goal-directedness, belonging, positive relationships, stress, life satisfaction, and pandemic impact. Interviews explored students' experiences during the pandemic. Results: Stress increased, and life satisfaction decreased from T1 to T2, but only for those with the highest reported pandemic impact, not in the sample overall. Goal-directedness, social agency, positive relationships, and sense of belonging were associated with lower stress and higher life satisfaction at both time points. Interviewees described both challenges and "silver linings" resulting from the pandemic. only Conclusions: Single time-point studies of students' pandemic experiences may overstate the pandemic's negative mental health consequences and underestimate students' resilience.