The aim of this research has enabled us to establish the influential relationship between factors associated with e-learning, such as individual impact and depression, and the mediating role in psychological distress and computer anxiety related to the fear of failing an academic year in times of COVID-19 in university students at two universities in the Arequipa region of Peru. The methodology used was developed in two stages; in the first stage, an Exploratory Factor Analysis (EFA) was performed, which enabled us to compare the initial results from the theoretical matrix proposed with the observed matrix; in the following stage, a Confirmatory Factor Analysis (CFA) was performed, as an analytic condition for the factors and to determine the robustness of the proposed model. For this purpose, the Structural Equation Modeling (PLS-SEM) was used, based on partial minimum squares. The sample for the study was made up by 252 students. It is concluded that there are significant influential relationships among the variables observed, such as the individual impact of e-learning, depression, mediated by psychological distress and anxiety for fear of failing the academic year.