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Societal lockdown due to the COVID-19 pandemic has transformed everyday life across the globe, including requirements of social distancing which might limit the social support people derive from social interaction. Social support has proven to be a vital resource for well-being (i.e., perceived stress and satisfaction with life) and coping during societal challenges. The present study examined how social support is associated with perceived stress and life satisfaction through self-efficacy and self-esteem among Danish students (N = 204). These psychological constructs were examined both during and after lockdown, assessing the possible aversive psychological effects of the COVID-19 pandemic. Results did not yield any significant changes in either the mean scores of the constructs or the indirect effects model across the two timepoints. Moreover, the results indicate that social support derived from a significant person, family, and friends—but not student peers—is negatively linked with perceived stress and positively associated with life satisfaction through both self-efficacy and self-esteem. Although societal lockdown did not yield significant psychological impact, the results highlight the importance of social support among students, both during and after lockdown.