Self-regulated learning is considered to be an ideal learning form in which learners actively engage and control the learning process. Previous studies have shown that the use of self-regulated learning strategies is influenced by the effectiveness and cost of using such strategies. In this study, we focused on learning efficacy as a factor that affects the use of self-regulated learning strategies. We also examined the relationships among learning efficacy, use of strategies, effectiveness, and cost. A survey targeting undergraduates revealed that learning efficacy showed a positive correlation with the use of strategies and a negative correlation with the cost of using strategies. There was also a positive correlation between the use of strategies and the effectiveness of strategies. It was found that learners with low learning efficacy were less likely to use self-regulated learning strategies, and that they estimated that the cost of using these strategies was high. Thus, coaching to reduce the cost of strategies is important to support the use of self-regulated learning strategies by low learning efficacy undergraduates.