Emerging evidence suggests that the effects of the Coronavirus disease (COVID-19) pandemic have disproportionately impacted minoritized populations, including rising rates of hate crimes directed at Asian Americans. Asian and White students (N = 1,261) at a large public university completed a survey of their experiences during the first month of the COVID-19 pandemic. Measures included anxiety, depression, academic engagement, and experienced discrimination. Using structural equation modeling, we found that Asian participants reported experiencing higher discrimination during the first month of the pandemic (e.g., being treated as if you have a disease) compared to White participants. Experienced discrimination was associated with significantly higher levels of depression and anxiety and significantly lower levels of academic engagement. In addition to the physical and economic toll of the COVID-19 pandemic, racism and discrimination may pose unique challenges for Asian Americans in particular.