As school learning should enable people to self-determine their own lives, its long-lasting relevance for participation in further education is an essential outcome. Contemporary adult education research shows that beliefs and memories from one's school years have an impact on the motivation to pursue further education in working life. However, almost no longitudinal research exists that investigates the long-term forces behind adults' motivation to educate themselves. Hence, the present study examined whether students' learning-related behaviour, cognitions and emotions that developed in their school years are related to the subjective value they place on further education, their expectations of success in solving further learning tasks, and thus the likelihood of participating in further education. Corresponding structural equation analyses on data from the German panel study LifE (n = 1,110) revealed that the learning behaviour, ability self-concept and test anxiety at the age of 12, along with their individual change between the ages of 12 and 16, are associated in different ways with the attainment value and subjective costs placed on further education and expectations of success at the age of 35. In contrast, no influence of youth characteristics on the likelihood of participating in further education could be found. The findings indicate that especially the development of learning-related cognitions and emotions in secondary school is sustainably related to the individual's success expectancy and achievement value of further education. Long-term dependencies should be further investigated with regard to academic domains and socio-economic pathways.