Formative versus Summative Assessment ( no word count)

Receiving feedback as a student—be it formative or summative—is an essential part of learning. We strive for information on how we are doing and what we can do to improve. Higher education courses generally come to an end and we receive a final grade. This is the sum of all of our work throughout the course. As a student, do you prefer formative assessment or summative assessment? What do you personally think are the advantages and disadvantages to each? Explain in depth your thoughts as well as the formal definitions of each form.