In the context of formative assessment, feedback plays a pivotal role in fostering critical reflection on performance and enhancing student learning in higher education. However, engaging students meaningfully in feedback processes remains a persistent challenge. This single-case study aimed to implement participatory and collaborative feedback strategies that actively involve students in critical reflection and performance improvement, contributing to the development of formative assessment expertise among future teachers. Two instruments were employed: a reflective questionnaire on the feedback received and a semi-structured mixed-methods questionnaire to gather students' perceptions. The findings indicate that students value feedback more highly when it encourages critical reflection and is delivered through constructive and respectful communication that preserves their self-image. Additionally, students highlighted the positive impact of oral feedback in audio format, citing its proximity, clarity, and constructive tone. Nevertheless, challenges were identified, particularly the need to work more systematically with students on crafting specific and constructive comments when providing peer feedback.