Peer assessment is a popular technique for a more fine-grained evaluation of individual students in group projects. Its effect on the evaluation is well studied. However, its effects on the learning abilities of students are often overlooked. In this paper, we explore self-evaluation, motivation, and study time of students in relation to peer assessment, as part of an ongoing project at our local Faculty of Engineering Technology. The aggregated measurements of two years so far show that: (1) students get much better at evaluating their own project on some, but not all, of the evaluation criteria after a peer assessment session, (2) students report in a follow-up survey that they are more motivated to work on their project, and (3) the relation between motivation and time spent on the project increases. These results suggest that peer grading could have positive long-term effects on the reflective, and therefore lifelong learning, skills of students. A better understanding of the evaluation criteria results in more accurate self and peer grades, emphasizing the importance of properly defining and communicating these criteria throughout the semester.