This case study explored asynchronous online discussions, assessment processes, and the meaning students derived from their experiences in five online graduate courses at the Colleges of Education of two Midwestern higher education institutions. The findings suggest that asynchronous online discussions facilitate a multidimensional process of assessment demonstrated in the aspects of structure, self-regulatory activities, learner autonomy, learning community and student writing skills. The students valued the discussions as an essential component of their online learning. Further research is needed to understand the characteristics of online assessment, and what assessment strategies or criteria enhance assessment and learning. (Contains 3 tables and 1 figure.)