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This study reports the effectiveness of self‐ and peer‐assessment in improving students’ learning experience. Students in a group of four were required to submit two selfassessments, one after the first submission and the other during the final submission of the assignment. An anonymous assignment was then given to each group for a peer‐based assessment. Students were asked to respond to the comments given in the peerassessment and were given the chance to revise their assignment before the final submission. The results show that both self‐and peer‐assessments were perceived as enabling students to become more critical, work in a more structured way and think more deeply. Peer‐assessment was especially highly regarded, as students felt they learned more from the given feedback and became analytical after the peer‐assessment. Although most of the students felt that both the self‐ and peer‐assessments were time consuming, they would love to have peer‐assessment in their future assignment.