The aim of this repeated measures study was to examine an anonymous student feedback system (delivered using clickers) versus a public student feedback system (delivered using flashcards) on 52 graduate learners' metacognition and academic achievement scores. Three dimensions of metacognition were examined in a large lecture setting, including Metacognitive Learning Device Attribution, Metacognitive Knowledge in Lectures, and Metacognitive Self-Regulation. Results indicated that Metacognitive Learning Device Attribution and Metacognitive Knowledge in Lectures were significantly higher in the anonymous feedback condition as hypothesized while, contrary to our hypothesis, difference in Metacognitive Self-Regulation was not significant. Also, academic achievement differences were highly significant in favor of the anonymous feedback condition. Effect sizes for the three significant dependent variables ranged from moderate to very large with the largest effect size found for academic achievement. Findings are discussed in terms of the existing literature and the study's internal and external validity. Recommendations for future research are made.