The aim of this research was to investigate how undergraduate students conceptualise feedback, and compare this with research into conceptions of teaching and learning related phenomena in higher education. Using a phenomenographic approach, 28 physiotherapy students in New Zealand were interviewed about their experiences. Data analysis resulted in four qualitatively different experiences of feedback as: telling; guiding; developing understanding; and opening up a different perspective. The conceptions varied from a focus on one-way message transmission, to a more socially situated process. Analysis also showed several dimensions of feedback: focus of attention; agent of feedback; direction of communication; application over time; and range of application. The results provide useful information about variation in how students conceptualise feedback. This information may provide a better understanding of a process which is a key link between how students learn and how we teach.