This study advances two contributions to the study of student evaluations of teaching: (a) a multilevel conceptualization that allows for the simultaneous analysis of individual- and class-level correlates of evaluations and (b) an application of recent social/organizational psychology theory and research on fairness. Thus, this study examined the relative influence of individual- and class-level perceptions of fairness and expected grades on students' satisfaction with their instructors and with their grades. Multilevel regression showed that, at the individual level, grade satisfaction was significantly related to perceived fairness of the instructor's grading procedures, the perceived fairness of the expected grades, and the expected grades themselves; instructor satisfaction was significantly related to perceptions of the fairness of grading procedures, the fairness of instructor-student interactions, and the fairness of the expected grades. At the class level, instructor satisfaction was significantly influenced by the average perception of the fairness of interactions. The implications for research on student ratings are discussed.