Older adults experience deficits in associative memory. However, age-related differences are reduced when information is consistent with prior knowledge (i.e., schematic support), suggesting that episodic and semantic memory are interrelated. It is unclear what role metacognitive processes play in schematic support. Prior knowledge may reduce encoding demands, but older adults may allocate cognitive resources to schema-consistent information because it is more meaningful. We examined metacognitive awareness of and control over associative information that was consistent or inconsistent with prior knowledge. In Experiment 1, participants self-paced their study of grocery items paired with either market prices or unusually high prices and were tested on the exact price of each item over four study-test lists with new items on each list. In Experiment 2, participants studied items for a fixed time but made judgments of learning (JOLs) at encoding. Older adults better remembered the prices of market-value items than overpriced items. In Experiment 1, younger and older adults studied overpriced items longer than market-priced items, consistent with a discrepancy reduction model of self-regulated learning, but study time did not relate to later recall accuracy, suggesting a labor-in-vain effect. In Experiment 2, participants gave higher JOLs to market-priced items than overpriced items and were generally metacognitively aware of the benefits of schematic support. Together, these results suggest that the benefits of schematic support may not be dependent on or influenced by metacognitive control processes, supporting the hypothesis that episodic memory may be less distinct from semantic memory in younger and older adults.