With the 2022 return to in-person university classes, students experienced ambivalent psychological reactions following two years of mandatory isolation due to COVID-19. On the one hand, they were eager to return to campus, see their friends and attend classes. On the other hand, since the COVID-19 virus was still circulating, there was some fear of catching the virus. The purpose of this research was to study university students' psychological reactions to returning to in-person classes. Previous research suggests that students experienced stress, anxiety and depression when returning to in-person classes. In the present study, the prospect of attending in-person class is seen in the context of health decision-making involving perceptions of benefits and health risks of in-person class attendance. An online study was conducted in 2022 with 661 university students in a large Canadian university. Participants responded anonymously to a questionnaire that assessed whether they perceived any benefits and health risks of returning to in-person class, their health in general and psychological well-being, and whether they were at increased risk of contracting the COVID virus due to disability. A theoretical model was designed where the greater the health risks associated with class attendance, the lower the well-being and the worse participants' health. The better the health in general, the more frequently students should report attending class. Path analysis was used to test the fit of the model to the data. Result showed the model was a good fit to the data and regression coefficients indicated that perception of health risks of attending class was associated with poor health or being disabled which was related to the perception of fewer benefits of attending class. The more benefits were perceived, the more frequently participants reported attending class. Theoretical importance of the results is discussed as well as implications for student well-being.