There are positive feedback loops between students' grades and emotions. However, subjective appraisals, not grades, are theorized to trigger emotions. We extended previous research by comparing the effects of objective score and subjective appraisals of the score (i.e., satisfaction) on emotions. We used an ecologically-valid quasi-experimental design and found differences in how objective score compared to satisfaction impacted emotions. Main effects for score showed positive associations with hope, pride, relief, and negative associations with anxiety, anger, and shame. An interaction for satisfaction occurred such that students who were satisfied with their score had the same effect as objective score, but students who were unsatisfied with their score felt less hope, pride, relief, and more anger and shame. Implications for the control-value theory of emotions as well as for instructors are discussed.