The intraindividual process of study dropout, from forming dropout intention to deregistration, is of motivational nature. Yet typical studies investigate interindividual differences, which do not inform about intraindividual processes. Our study focused on the intraindividual process of forming dropout intention, and applied expectancy-value theory to analyze its motivational underpinnings. To expand research, we considered associations of intraindividual deviations in expectancy, intrinsic value, attainment value, utility value, and cost to intraindividual deviations in dropout intention. A total of 326 undergraduate students of law and mathematics rated motivational variables and dropout intention three times from semester start to the final exam period. Multilevel regression analyses revealed that intraindividual changes in intrinsic value, attainment, and cost, but not in expectancy and utility, related to intraindividual changes in dropout intention. Further, we considered students' demographics as moderators. Only age moderated the association between intrinsic value and dropout intention. Our results stress the crucial role of certain value components, including cost, for emerging dropout intention.