Prior studies showed that optimism has positive benefits for students in higher education. However, research indicates different types of optimism, including the unrealistic optimism associated with the illusion of control. The literature review showed a lack of research on the effect of the illusion of control among students in higher education. Two studies were conducted to fill this gap. In Study 1 (N = 210), university students responded to two surveys: one before oral presentations in class (measuring illusion of control and unrealistic optimism) and another after they received their grades for the presentations (measuring disconfirmation and satisfaction). The results show that the illusion of control is positively associated with unrealistic optimism, which leads to disconfirmation and dissatisfaction. Study 2 was a between-subjects design experiment (condition (N = 102) vs. control (N = 102)) that tested a stimulus to mitigate the illusion of control in this context. The results of Study 2 show that explaining to students their inability to control some variables during the presentation helps to reduce the illusion of control. This influences lower unrealistic optimism and disconfirmation, leading to higher satisfaction after the presentations. When testing moderating effects of demographics among these relationships, we found that gender moderates the effect of the stimulus used to reduce the illusion of control, with females showing a significantly higher decrease in this bias in comparison with male students. Based on these findings, we provide recommendations that can help to decrease the illusion of control in the context of higher education, with benefits for students and educators.