Two experiments were conducted to investigate the effects of expecting immediate grades on numerical and verbal reasoning performance and the moderating role of achievement goals. Anticipated grade proximity (immediate vs. 1 week later) and goal orientation (approach vs. avoidance) were manipulated with instructions. Experiment 1 showed that expecting immediate grades yielded lower numerical performance than expecting delayed feedback, regardless of participants' goal orientation. Neither grade proximity nor goal orientation impacted verbal performance. In Experiment 2, we used a stronger goal manipulation and included measures of motivation. Expecting immediate grades increased task anxiety, lowered task involvement, and lowered task effort among participants with avoidance goals, compared with expecting delayed grades. The effects on performance were not replicated in Experiment 2, however. The findings demonstrate that expecting immediate grades may have negative consequences under certain conditions, including demotivation and performance impairment.