Research has demonstrated that academically successful students are effective, self-regulated learners. Moreover, exam wrapper interventions have been shown to foster the development of self-regulated learning behaviors on the part of college students. In this naturalistic, qualitative, and exploratory study, an exam wrapper intervention was implemented in a key, gatekeeping STEM course at a diverse, public university. Student responses to a series of four exam wrappers were collected and analyzed. Results indicated that while many students were able to look critically at their study behaviors and course performance, these behaviors did not necessarily pay off, especially for weaker students. Notably, transfer and/or non-matriculated students were at greatest risk of withdrawal and failure. However, all students, both weak and strong, showed a lack of attention towards checking their answers and learning from their mistakes. Overall, the exam wrappers provided useful information regarding the self-regulated learning processes of these STEM students.