Objective: To quantify students' risk tolerance for in-person classes and willingness-to-pay for online-only instruction during the COVID-19 pandemic. Participants: 46 Columbia University public health graduate students. Methods: We developed a survey tool with a "standard gamble" exercise administered online by an interactive chat bot with full anonymity by students. Students were asked to trade between the risk of infection with COVID-19 and: (1) attending classes in-person, and (2) attending community parties. We also assessed willingness-to-pay for online-only tuition. Results: Students accepted a 23% (standard error [SE]: 4%) risk of infection to attend classes in-person and 15% of them expressed willingness to attend community parties even if the COVID-19 prevalence were high. Students were willing-to-pay only 48% (SE: 3%) of the regular, in-person tuition fees for online instruction. Conclusions: Public health students with a strong knowledge of COVID-19 transmission were willing to accept a significant risk of infection for in-person instruction. Trial registration: NA.