Student reactions to grades can be unpredictable. Students may complain about grades, sometimes angrily, even when they receive a moderately high grade. This study looks at beliefs about the self as predictors of students' reactions to an average grade received on a hypothetical assignment. It examines the effect of a student's self-efficacy with regard to ability and performance on assignments, and the effect of a student's implicit theory, whether the student holds a more fixed view or a more malleable view of academic ability and performance. Levels of self-efficacy (low to high) and implicit theories (more malleable view of abilities to more fixed views of abilities) are varied, with cumulative GPA included as well in regression analysis. Results show that a malleable view of abilities leads not only to lower levels of overall satisfaction with a grade but also less anger and likely influences students to strive to improve. Self-efficacy regarding the course has less of an impact than implicit theories about abilities, but students with higher overall GPAs liked the instructor less.