Assessment is an integral part of the teaching-learning process in both conventional and distance education contexts. Literature suggests that with the increase in the use of Information and Communications Technology in the delivery of learning, a number of institutions are resorting to formative assessment practices that are mediated by technology to not only provide flexible and more efficient means of assessment but also attain improved learning outcomes. This paper investigated student perceptions of the effectiveness of different types of formative assessment used in online learning environments. A 31-item questionnaire was used to gather data on student perceptions. On the level of difficulty, students generally perceived the various types of formative assessment as having no significant differences. Results further indicated that students received more prompt feedback from peer assessment and computer-marked assessment, compared to teacher-marked assessment. The findings of this study will support practitioners in eLearning to use formative assessment and feedback mechanisms more effectively to influence student engagement as well as learning outcomes.