The great lockdown of the current COVID-19 pandemic has significant consequences on the global Higher Education Studies (HES).To find the relevance of eLearning in the HES, our study calculates the economic costs of higher education during Covid-19 in Bangladesh, which includes both stu-dents’ cost and institutional cost. The study used a purposive random sample survey conducted on 105 students enrolled in higher education in different categories of institutions to identify the stu-dents’ cost during this pandemic. The institutional cost of higher education is analyzed by breaking down the budget allocated in the education sector in Bangladesh and reviewing the literature. The result indicates that the HES of Bangladesh experiences a huge economic cost due to this pandemic and the study found eLearning can reduce the economic impact of HES. In the post-COVID-19 world, higher education will never be the similar because many institutions that already had experi-ence a huge advantage from online education. The findings of the study might be helpful for the policymakers to frame effective education policies during any bizarre situation that creates huge cost in higher education sector.