The aim of this study is to develop a conceptual framework to identify relationships between factors that may be responsible for influencing metacognition when students are formatively assessed using educational technology such as student response systems. We describe and bridge the monitor and control model of Nelson and Narens (1990) and the cue utilization framework of Koriat (1997), which we complement with aspects from digital formative assessments. Based on this we develop a conceptual framework that may identify prompts and diagnostic cues of formative assessments using student response systems on metacognition. The framework provides insight into which prompts may influence the utilization of diagnostic cues and thereby learning. The developed framework suggests that more prompts lead to more diagnostic cues, which improve students’ accuracy of monitoring judgments and enhanced metacognition.