The COVID-19 pandemic has had a major impact on all aspects of life including education. This study assessed its effects on university student life and education to use experience of current university students in this pandemic time for the benefit of the future students. A novel questionnaire was developed with expert and peer collaboration to explore relevant demographics and the COVID-19 impact on university life and education using both quantitative and qualitative tools. The questionnaire link was shared with students via an email originating from their universities over a 4-week period. This minimized invitation bias. A total of 249 students (78% female, 71% aged 22-25 yrs.) responded from five universities in Sri Lanka. All participating universities have resorted to virtual learning techniques during the pandemic. This was welcomed by students considering its flexibility for engagement, availability of recorded material for revision and savings incurred by studying from home. However, many reported frustrations due to poor quality, poor time management and assessments not being truly representative of what was taught. Furthermore, digital poverty was a major hindrance to the efficacy of virtual learning. In addition, inadequate teacher and peer interaction triggered much stress. Universities need to undertake proactive action urgently to modify the virtual training methods, addressing the issues of digital poverty is likely to significantly enhance the efficacy of virtual learning.