Studying student migration trends is a significant task in studying human capital development as one of the leading factors in sustainable socio-economic development. The migration potential of students impacts the opportunities and prospects for sustainable development. The study of factors influencing the migration behavior of students acquires special significance in this article. The interpersonal competencies of the population impact its migration potential. Migration processes impact the differentiation of regions in terms of human capital. This article is based on theoretical and practical research on human capital, its formation, development, and migration as a factor in human capital development. The practical part of the study presents an analysis of data obtained from a sociological study of the factors that determine internal and international migration. An anonymous sociological survey of students in Ekaterinburg, Kursk, and Tomsk (Russia) was conducted in several stages. The first stage was implemented in October and December 2020 (N = 958). The second stage was implemented in October and November 2021 (N = 960). This study allows for tracing how the COVID-19 pandemic affects the migration potential of students and their desire for a satisfactory career path.