During the Covid-19 pandemic lockdown, students' emotional well-being became crucial for the success of distance teaching in universities traditionally focused on face-to-face education. Psychological well-being, essential to preventing academic failure, was significantly threatened by the unprecedented isolation. This study aims to analyze students' cognitive-emotional regulation, beliefs, and perceptions about the pandemic and lockdown. Through this extensive research, we seek to assess the extent to which the lockdown is a risk factor and propose preventive actions if needed. The CERQ Cognitive Emotion Regulation Questionnaire was applied online, along with a CC/Covid-19 questionnaire on students' lockdown conditions, study environments, and opinions about the pandemic and online education. We gathered 1910 valid responses from students across more than 80 universities in 13 Spanish-speaking countries, conducting descriptive analysis and structural equation modeling. Most respondents agreed with the lockdown, believed that health systems were unprepared for the pandemic, and felt that while universities had the tools, faculty lacked the skills to effectively implement online education. Despite positive views on isolation conditions, study time had not increased. A key result was the students’ self-evaluation of their digital competence, essential in mitigating feelings of loneliness during physical separation from peers. The cognitive strategies employed by students were adaptive and functional, allowing them to cope with the challenges of the pandemic and maintain a positive outlook on their new learning and living circunstancies.