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Students’ conceptual questions are relatively rare in classroom discourse and have been theorized to be asked only when the perceived benefits outweigh the costs. Through the lens of Expectancy-Value theory, this study explores how students decided to ask or withhold questions during an introductory statistic course. Nineteen graduate students were observed and interviewed about their decision-making process. Students described concerns about others’ perceptions and their desire to be conscientious class members. These costs often competed with uncertain values of their questions, especially the utility value for themselves, peers, and the instructor. The study describes how students dynamically weigh the values and costs of their questions in response to contextual cues and help-seeking alternatives.