This article presents the findings related to an exploratory study of the systemic impacts of the COVID-19 pandemic on the studies of graduate students of Brazil. It was sent a survey to 38 students who attended a University of São Paulo graduate course during the first semester of 2021. An exploratory sequential mixed method approach was followed. Quantitative and qualitative data was collected using questionnaires. The quantitative data was analyzed through descriptive statistics. The qualitative data was examined following a language processing method. The insights gained from both kinds of data were connected using a causal loop diagram. It was found that home confinement was the factor that created the main barriers to learning. In addition, digital fatigue, inadequate teaching strategies and the limitation of video conferencing tools also impacted negatively on learning. On the other hand, the pandemic also brought learning opportunities: the students took advantage of courses, webinars and conferences offered during the pandemic. In addition, the students developed new IT and communication skills.