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Although previous research has described changes in students’ motivations, there remains an opportunity to examine students’ voiced experiences of how and why these motivational changes occur. We draw on situated expectancy-value theory to examine change in students’ expectancies, values, and costs in response to being placed on academic probation. Our pilot study examined interview responses of five racially diverse students on probation. An emerging theme was the dynamic change of students’ reprioritization of their expectancies and values. Additionally, students’ racialized experiences influenced their motivational choices. Our findings provide theoretical implications for taking a situated approach to expectancy-value theory. Unpacking the complexities of motivational change is prudent for theorists to understand the unique environments in which such change is situated.