We wrote our programs on special pads of paper, transferred them to punch cards, gave our decks to operators who would run our programs on an IBM. Around a half hour later the operators gave us back printouts with the results of our runs. Most people didn't wait around but my friend and I would stay late so we could get more runs in. If we were nice to the operator they might bump our job up in the queue.
Most of the programs we wrote were very simple. Things you could easily do now with a few lines of a modern scripting language.
Our class's teacher was a professional COBOL programmer who had a day job working at a soda company. Some kind of emergency came up at his job half way through the course and he stopped showing up so we were left on our own for a few weeks.
Just before the end of the class the department head took over and told everyone they would need to implement a binary search on the final exam. This was way too hard for most of the other students but not a big deal for my friend and I. We were done in a few minutes.
I was also fortunate to meet another guy in the class who asked me to help him with some programs he had to write at his job. He was a soil engineer who wanted to move into a finance job but found the programming work difficult, so I spent a few hours a week tutoring him and writing programs with him.
Eventually I graduated and he ran out of work for me but by then we became good friends. While I can't say I got much out of of the COBOL class I'm glad I took it because if I hadn't I would not have met him.