Theories of adolescent expectation formation hypothesize that socially and academically disadvantaged students are less responsive to signals about their academic performance when forming educational expectations. To test this hypothesis, I examine variation in student responses to new information about their academic performance by a rich set of background characteristics. I find little support for the hypothesis. In contrast, low-SES students who are high performing or come from supportive home environments appear to be the most responsive to new information about their academic performance. I discuss the implications of this finding for research on expectation formation among adolescents.