Hearing aid fitting formulas intended for the pediatric population can differ by 6 to 25 dB in prescribed output across frequency leading to large variations in aided audibility. Children perceive these differences and have expressed preferences that favor more audibility for quiet speech and less audibility for noisy speech. In this study, the effect of variations in audibility consistent with hearing aid fittings for children was examined. Sixteen children and adolescents (9-17 years) with mild-to-moderate hearing loss participated. Hearing aids programed to National Acoustic Laboratories or Desired Sensation Level v5.0a targets were fitted to each participant. Also, separate programs with and without a low-level adaptive gain feature were provided with each prescription. Speech reception threshold (SRT) was measured as well as performance for four suprathreshold auditory tasks that increased in cognitive demand. These tasks were word recognition, nonword detection, multiword recall, and rapid word learning. A significant effect of fitting formula, but not low-level or adaptive gain, was observed for SRT. Significant effects of presentation level, fitting formula, and low-level gain were observed for word recognition. The effect of presentation level was significant for nonword detection, multiword recall, and rapid word learning but no other main effects or interactions were significant. Finally, word recognition and nonword detection increased significantly with audibility while multiword recall and word learning did not. The results suggest that audibility assists with the initial perception of auditory input but plays a smaller role in memory formation and learning.