COVID has led colleges to brace for potential enrollment declines in the Fall, which would devastate budgets and potentially decrease the likelihood a student ever earns a degree. We take an early look at California’s FAFSA applications up through mid-June, to anticipate how students may be responding to this crisis. We find that COVID did not affect most of California’s “traditional” high school graduates due to an early deadline for financial aid, which exists in a number of states. From early March to mid-June, FAFSA applications among freshmen declined 18%, relative to prior years. Although there were initial declines in applications among more experienced students, these quickly rebounded and are now 9% higher relative to prior years. The largest FAFSA increases occurred in counties that saw the most dramatic increases in Unemployment Insurance claims.