Formative assessments are used during a lesson with a goal of gathering student data to make changes where needed in real-time during instruction. With lots of different strategies and formats, formative assessments can be effective for students at any grade level.
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Schools and their vendors have access to lots of student data. While this shouldn't be cause for endless worry, it is important for parents to be aware of what data on their child is being collected and shared, and what their rights over that data are.