Background/purpose: This study addresses the challenge of engaging students in meaningful assessment processes within mathematics education, particularly in pre-university preparatory courses. Peer assessment, a growing pedagogical practice, can enhance learning outcomes, promote critical thinking, and improve collaborative skills. However, concerns over fairness, reliability, and students' confidence in their evaluative capabilities often hinder its adoption. This research was conducted to explore students' attitudes toward peer assessment, assess its perceived benefits and challenges, and evaluate its viability as a formative assessment tool in a structured educational context. The main purpose is understanding how peer assessment can contribute to learning while addressing the barriers to its broader implementation. Materials/methods: The research employed a mixed-methods approach, combining quantitative data from a 29-item attitude questionnaire distributed to 50 students with qualitative insights gathered through semi-structured interviews with 11 participants. Peer assessment activities were conducted in six 90-minute sessions involving problem-solving, developing assessment criteria, and evaluating peers' solutions. Data analysis included statistical evaluations of questionnaire responses and thematic coding of interview transcripts. Results: Students reported that peer assessment enhanced their learning, improved their understanding of mathematical content and pedagogical requirements, and fostered meaningful peer interactions. However, they expressed concerns about fairness, reliability, and the social dynamics of open peer evaluations. While students valued the educational benefits of the process, they hesitated to accept peer assessment as part of formal grading due to perceived subjectivity and lack of expertise. Conclusion: While peer assessment is a powerful tool for fostering collaborative learning and critical thinking, its integration into formal grading systems requires careful planning. Addressing training, bias, and anonymity challenges can enhance its reliability and acceptance among students, making it a more robust and equitable practice in education.