This paper investigates the value that a sample of students placed on feedback, what they valued it for and the conditions that affected this value judgement. I show that not all students value feedback particularly highly, especially when considered in relation to other factors in their education and when considered for its intrinsic value as opposed to how it represents their value to their lecturers and the institution. I show that the students studied valued feedback most where they could see the possibilities for using it to improve future work: through a clear linkage between coursework and exams, the coursework being of sufficient weighting and the students appreciating that it can be used to improve. I argue that the students studied would have benefited from more education about the value of feedback and how to use it productively. Further research is required to see how generalisable these findings are.