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Midterm grades and feedback have the potential to positively impact equitable student success and retention. What if instead of treating midterm grades as one-way opportunities for summative feedback, midterm grades were framed as opportunities for two-way formative feedback. At James Madison University, this Spring 2023 research project piloted an alternative midterm grade and feedback system with 10 faculty across three colleges. The intervention included a mandatory part A that included transparent communication about the role of midterm grades in the specific class at the semester’s start and an optional part B which had the student submit their perceived midterm grade and learning goals for the semester. This presentation shares the research findings, including student, advisor, and faculty data, that suggests midterm grades and feedback can be transformative for both the student and faculty member.