Background: Ungrading is an innovative approach to assessment that relies on feedback rather than numerical grades to deprioritize (or remove) grades, but that has gone relatively unexplored in the psychology classroom. Objective: The current study examined student perceptions of ungrading in three psychology courses. Method: Using an inductive approach, we examined patterns and themes in student reflections across two time points (start and end of the semester) in three upper-division psychology courses. Results: Students generally had positive impressions of ungrading, but stress around grade uncertainty was an area of concern. Conclusion: Implementation of alternative grading methods has the potential for many benefits in the psychology classroom, but careful consideration is needed to overcome negative student perceptions. Teaching Implications: Going gradeless is an intriguing option that may potentially impact student learning, engagement, motivation, mental health, and equity. This exploratory study offers insight into student perceptions of ungrading, which can help instructors who are considering this method.