In two studies, we explored the associations among situational reading-related competence beliefs and task value, inference strategies, comprehension during reading, and foundational skills in college age students. In Study 1, 93 participants from a community college completed assessments of comprehension and two types of inference strategies (elaboration and bridging), each immediately followed by a survey of their competence beliefs and task value regarding the task. Results showed that competence beliefs and task value related positively to reading comprehension. In addition, task value was positively associated with both elaborating and bridging inferences, and competence beliefs correlated positively with bridging inferences. In Study 2, we investigated these associations further in a group of 418 students studying at three different colleges. Participants completed the same assessments for competence beliefs, task value, and inference strategies, as well as assessments of comprehension and foundational reading skills. Study 2 analyses revealed that foundational reading skills were a strong predictor of both types of inferencing and also comprehension. Further, when controlling for foundational reading skills, task value predicted elaboration and bridging inferences, whereas competence beliefs did not predict inferencing, but were trending as a predictor of comprehension. Finally, we created a path model to explore mediational effects, and found that task value positively predicted comprehension performance through increased elaborations while thinking aloud.