Objective: This study examines the effects of a scalable psychoeducation intervention to improve students' mental health during the COVID-19 pandemic. Participants: In a sample of racially diverse undergraduates from a highly selective university (N = 66), students in the control group (mostly women) participated in courses as usual and students in the intervention group (only women) participated in a psychoeducation course on evidence-based strategies for coping, designed for college students living through the pandemic. Methods: Rates of psychological distress were measured through online surveys at baseline and follow-up assessments. Results: Students in both the intervention and control groups had clinically elevated depressive symptoms. Consistent with hypotheses, students in the intervention group had lower levels of academic distress and more positive perceptions regarding mental healthcare at the follow-up assessment than students in the control group. Contrary to hypotheses, students in both groups had similar levels of depressive symptoms, feelings of being overwhelmed, and coping. Preliminary findings suggest that the intervention primarily improved help-seeking and may have reduced stigma. Conclusions: Psychoeducation in an academic setting may be one means by which to decrease academic distress and reduce mental health stigma at highly selective institutions.