The transition of the United States Medical License Exam Step 1 examination to pass/fail was implemented in January 2022 with the intent to reduce medical student stress levels while ensuring that students maintained a sufficient degree of medical knowledge in order to continue in their educational journey. While this is an admirable goal, uncertainty remains regarding the efficacy of this decision and the ramifications this will have on residency applications. The purpose of this study was to understand how the change of Step 1 to pass/fail has impacted student wellness and student perceptions of residency application factors.