Compared with traditional letter grading, pass/fail grading is an assessment approach that can alter the educational environment and enhance student wellbeing without compromising education quality. Little is known about the experiences of students during the transition from traditional grading to pass/fail grading. The onset of the COVID-19 pandemic resulted in an abrupt move to modified pass-fail (MPF) grading at North Carolina State University College of Veterinary Medicine (NCSU-CVM), followed by a decision to permanently adopt MPF grading for the entire core pre-clinical doctor of veterinary medicine (DVM) curriculum. This study employed a narrative inquiry of surveys and interviews to facilitate deep understanding of student perspectives during the transition to MPF grading. Focus was placed on understanding what this transition meant for DVM students in terms of life and learning quality. Our analysis identified seven key themes that captured student experiences, which were generally positive, during this transition: education culture, student perceptions of instructor impact, shift from extrinsic to intrinsic valuation of curricular content, competitiveness for external merit-based opportunities, use of letter grading and MPF in a single semester, student recommendations, and wellbeing. Through exploration of these themes and presentation of concerns identified in students’ stories, this study provides guidance for other programs considering revision of their own assessment frameworks.