This study, published in Mayo Clinic Proceedings, measures the effect of a pass-fail grading system on stress, mood, group cohesion, and test anxiety in medical students. Students graded with the pass-fail system had less perceived stress and greater group cohesion at the end of their second year of coursework. Moreover, the pass-fail group had better, but not statistically significant, mood. However, no significant differences are reported in test-taking anxiety and United States Medical Licensing Examination Step 1 board scores.