The COVID-19 pandemic has caused significant disruption in education. We employ a gravity model to estimate its impact on international student credit mobility. Data on inbound and outbound students to and from four Spanish universities between the academic years 2017-2018 and 2021-2022 are used. While COVID-19 significantly reduced participation in international mobility programs in the academic year 2020-2021, study abroad numbers bounced back to pre-pandemic levels in the next academic year. Student flows between Spain and non-EU countries have been more negatively affected by COVID-19 than those between Spain and other EU countries. Some differential gender effects are also found.