The COVID-19 pandemic poses great challenges to higher education. Universities had to change their infrastructure to full remote teaching and learning environments in a very short time. Lecturers and students were forced to adjust their established routines and concepts of teaching and learning. During the first nationwide lockdown in Germany, we explored students' anticipations regarding the risks and chances of this challenging situation. They were asked about the negative and positive effects of this sudden switch to online university courses and the relevance personally ascribed to each of these expected effects. A sample of 584 students provided 3,839 statements, which were examined by means of qualitative content analysis. While 57.7% of the statements concerned negative effects, 42.3% dealt with positive ones. The range of expected negative and positive effects was wide, but key themes emerged particularly frequently. While the mentioned effects were generally considered to be of high personal relevance, negative effects were rated as significantly more relevant, but with only a small effect size. The relevance of negative effects was considered higher by master students than by bachelor students. Relevance ratings were significantly higher for the first effect mentioned compared with all subsequent effects, indicating an ease-of-retrieval effect, which is relevant from both a methodological and content perspective. The results provide important insights into students' perspectives on remote learning that will be significant beyond the current pandemic, as they can guide sustainable measures by exploiting opportunities and mitigating risks. We discuss practical implications and methodological limitations of the study.