The purpose of this study was to investigate perceived factors influencing academic underachievement of gifted students in fourth and fifth grade in a rural South Carolina school district. This study described and analyzed (1) the meaning that underachieving fourth and fifth grade talented and gifted students give themselves and their underachievement, and (2) their perception of the factors that caused and contributed to this underachieving behavior. This study examined academically underachieving gifted students in relationship to their work in the regular classroom. Each of the survey questions was related to the importance of Interest, Challenge, Choice, and Enjoyment as concepts vital to learning as a means of assessing students' attitudes towards their classrooms. The study found that any number of factors could influence underachieving behavior in gifted students. Consistent with the literature, contributing factors included individual and school-related problems. Factors perceived as influencing underachievement were a lack of choice, varied challenges, and competing interests.