Online learning has enabled universal access to higher education, eliminating obstacles such as employment, geographical location, and other disruptions. However, the transition from traditional classroom settings to online classes without any prior knowledge or training can be a significant challenge. This study investigated students' experiences with online learning by identifying the aspects perceived as benefits and barriers of online learning. We surveyed 266 undergraduate students from a private university in Bangladesh to gain a comprehensive understanding of their online learning experiences. The study utilized a qualitative research design, gathering data through narrative inquiry and analyzing it with a thematic analysis technique. The findings highlighted that academics, technology, health, concentration, and communication problems are perceived as barriers to online learning. On the other hand, the benefits include the flexibility of online learning and the acquisition of new knowledge and skills. Overall, the perceived barriers outweigh the benefits. Hence, the findings of this study will help researchers and policymakers to understand the opportunities and challenges of online teaching and learning in a poor resource-setting country like Bangladesh.