This research examined the influence formative self-assessment had on first/second year community college student self-regulatory practices. Previous research has shown that the ability to regulate one's learning activities can improve performance in college classes, and it has long been known that the use of formative assessment improves learning. However, little has been done exploring the influence of formative self-assessment on variables associated with both student and institutional success. First/second year community college students enrolled in 10 self-assessment and six traditional assessment classes completed the Motivated Strategies for Learning Questionnaire (MSLQ) at the conclusion of one semester as a measure of self-regulation specific to the individual class under examination. A modest effect of assessment type was found for self-reported self-regulation where students in self-assessment classes reported higher self-regulation than students in traditional assessment classes. Self-regulation was significantly and positively correlated with both behavioral (i.e., effort) and motivational (i.e., mastery goal orientation) variables. Additional results indicated a robust effect of instructor on self-regulation and a significant increase in retention for students enrolled in self-assessment classes. The findings of this research have implications for both classroom practice and institutional retention initiatives.