Many studies conducted in the past 30 years point to a significant contribution of extracurricular activities to the development of generic skills in children and young adults. At the same time, the connection between key competences related to lifelong learning, academic success, and personal development growth affected multiple student development theories. In order to meet the aim of education policy of lifelong learning, with a particular aim of contributing to the academic success and student employment, many universities are developing models of the assessment of extracurricular activities. Research about assessment of extracurricular activities at Croatian universities, conducted through five half-day deliberative workshops with 102 students, brings forward their perspective and recommendations of assessment models. Research shows that students recognize the importance of devotion to extracurricular activities, and, in doing so, critically think about the types of activities and competences that should be assessed. They assume that it is necessary to have a differentiated assessment of activities based on their connection with the field of study and based on the type of activity. As the most appropriate way of assessment, students suggest a model of activity track in the diploma supplement, but if the activity is related to the curriculum, they would like to obtain an appropriate number of ECTS credits. There are conflicting opinions concerning assessments of students’ activity in student governance bodies.