Students enter courses with aspirations, but often their behaviors and performance don't put them on track to achieve those aspirations. We explore how students regulate their in-class attendance and extra-credit participation in response to performance feedback. We propose and find support for a punctuated-equilibrium model (Gersick, 1988) in which students' responses to goal-discrepant feedback vary over time, such that early feedback generates little behavioral response, but late feedback incites larger changes. We also find evidence that student reactions to positive goal-discrepant feedback can be stronger than their reactions to negative goal-discrepant feedback, and that student reactions to in-major feedback are qualitatively different than reactions to non-major feedback. We discuss implications for theory and for educators.