This study applies a data envelopment analysis model developed for national universities to 93 national liberal arts colleges. Such models can be used by individual institutions for benchmarking purposes or by researchers seeking to compare the practices of highly efficient liberal arts colleges with the practices of relatively inefficient colleges. Six-year graduation rate is used as the output variable. Particular attention is paid to the construction of cost per undergraduate as an input variable. In addition to a ranking of the institutions according to their efficiency, between one and five of the 18 technically efficient peer institutions were identified as peers for each of the remaining 75 technically inefficient institutions.