Introduction: This study aimed to explore the possible changes in the Future Time Perspective (FTP) and Perceived Instrumentality (PI) over time as long as one academic semester, as well as to explore whether those changes in FTP and PI explained students' Graded Performance (GP) with regard to a specific course; educational psychology. Method: A total of 188 undergraduate students participated in the study. Both classical statistical techniques and the Reliable Change Index were used to examine the possible changes in FTP and PI, whereas the Hierarchical Regression and Structural Equation Modeling (SEM) analyses were used to examine the effects of those changes in FTP and PI on GP. Results: The results showed that for the majority of the students FTP and PI significantly changed, while they remained stable for others within the sample over one academic semester, signifying that the concepts of FTP-change and PI-change are more complex than it has been assumed to date in educational settings. However, those changes in FTP and PI did not explain GP with regard to the Educational Psychology course. Furthermore, while there was no observed significant age and gender effect on GP, a significant lecturer effect was observed. Conclusion: This effect was confirmed by the results of the SEM analysis. Educational implications and directions for future research were also discussed. (Contains 5 tables and 1 figure.)