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We present the findings of two studies concerning college students’ perceived educational costs; how those costs relate to motivated learning strategies and achievement; and what students perceive to be motivating about costs. Study 1 consisted of two focus groups (n = 24); from which 11 different types of costs were identified. Study 2 consisted of 98 undergraduates who rated the degree to which identified costs were valuable, and completed the Motivated Strategies for Learning Questionnaire, along with other cost related assessments. Costs like stress, were positively related to multiple learning strategies, whereas costs such as lost interest, were negatively related to achievement. Gaining time management skills was a prominent “motivating” aspect of costs. Implications of these findings are further discussed.