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Reduced instructor interaction in online courses requires that students increase their self-regulated learning (SRL). Although formative assessment has been proposed to increase SRL, little research has explored whether online formative quizzes (FQ) improve students’ SRL. This mixed-methods study examined the effects of FQ versus summative quizzes (SQ). Quantitative results indicated that the 129 student participants reacted to FQ and SQ differently. Students’ SRL predicted both effort on and rated value of FQ and SQ. Importantly, while scores on SQ positively correlated with final marks, time spent on FQ correlated with lower marks. Qualitative focus group results indicated that FQ, but not SQ, helped improve SRL skills. Results are discussed in terms of FQ design and use by struggling students.