Research has sought to measure self-regulated behavior experimentally, highlighting its potential benefits for collaborative learning and academic achievement. Engaging in effortful, challenging behavior is considered a key component of self-regulation. However, little is known about how individuals weigh rewards against effort costs when deciding whether to engage in self-regulatory, effortful behavior—especially under varying levels of stress. This preregistered study (https://osf.io/bne5u/) used an experimental effort task to investigate individuals' willingness to exert effortful actions for themselves and for others, and whether self-reported stress and stressful academic events (e.g., exams) influenced this behavior. Students aged 18-35 chose between resting for lower rewards or exerting effort for higher rewards. Both reward and effort levels varied across trials. In Wave 1, half of the participants completed the task during an exam period, while the other half participated during regular academic weeks. In Wave 2, no exams were scheduled. Analyses indicated that effort allocation was sensitive to both reward magnitude and effort level. Participants consistently exerted more effort for themselves than for others. Unexpectedly, effort exertion was not related to academic performance, and stressful academic events (i.e., exams) did not significantly affect effort allocation. However, higher levels of self-reported stress were associated with reduced effort exertion, suggesting that stress may alter how individuals evaluate the cost-benefit ratio of effort. We are now extending these findings to children and adolescents to examine age-related differences. This research may help clarify when and why individuals engage in effortful behavior—an essential aspect of self-regulation—and how such decisions are shaped by student well-being and perceived stress.