The coronavirus disease 2019 (COVID-19) pandemic has caused a surge in mental health problems across the United States, and some reports suggest a more severe impact for racial and ethnic minorities. The present study was conducted to gain a preliminary understanding of the mental health consequences of the COVID-19 pandemic specifically for dreamers, i.e., undocumented immigrants who entered the U.S. as minors. A population of about 150 dreamers currently enrolled at a public university in Delaware were invited to participate in an online survey. The survey contained questions about demographics, mental health, academics, immigration, COVID-19 infection, and unemployment, in addition to mental health screens for anxiety (GAD-7), depression (PHQ-9), and stress (PSS-10). In total, 109 dreamers completed the survey. We observed remarkably high clinical levels of anxiety and depression: 47% of the dreamers met the clinical cutoff for anxiety, 63% met the cutoff for depression, and 67% (2 in 3) met the cutoff for anxiety and/or depression. Rates of anxiety and depression in our sample were significantly higher than those recently reported for college students overall, suggesting that dreamers may be experiencing a more severe mental health impact of the COVID-19 pandemic. We also found that pandemic-induced concerns about finances, COVID-19 infection, immigration, and unemployment (among other factors) were associated with greater anxiety, stress, and depression among the dreamers in our sample. The present findings are consistent with recent predictions by social scientists that the COVID-19 pandemic would have a disproportionately negative impact on the mental health of undocumented immigrants.