This study explores advertising students' recognition and comprehension of in-feed native advertising on Instagram, a leading platform for social media native advertising. Data were collected from 303 U.S. college advertising students. It examines the impact of two key aspects of Instagram in-feed native advertising--an additional label ("Shop Now") and ad-context congruency--through both quantitative and qualitative data. Findings reveal a significant deficit in native ad recognition among advertising students. Qualitative analysis identified four themes constituting Instagram in-feed advertising for advertising students: professional photo quality, branded products, persuasive elements, and excessive hashtags. Quantitative results indicate that high ad-context congruency led to higher perceptions of nativeness and more positive emotions, but did not significantly influence ad attitudes or negative emotions. The study underscores practical and theoretical implications for advertising educators and scholars, emphasizing the need for enhanced digital advertising literacy and discussing broader implications for advertising pedagogy and practices.