Many peer feedback studies examined students' perceptions. Yet, little is known about how perceived and actual learning are related, and how they are influenced by individual and contextual characteristics including success level, educational level, gender, and academic major. This exploratory study addressed this research gap. Students from a Dutch university (N = 284) attended a three-week online module during which they were engaged in peer feedback on argumentative writing. At the end of the module, we measured students' perceptions of learning. The results showed no significant effect of success level on perceived learning. Master students reported higher perceived learning than bachelor students regardless of success level. We did not find gender or academic major effects on perceived learning across different success levels. The findings suggest that relying solely on students' perceptions of their learning experiences may not accurately reflect their actual learning. Students may need support to help them align their perceived learning with their actual learning achievements.