In the spring of 2003, a survey was conducted to examine the differences in perceptions of academic rigor and engagement between faculty and undergraduate students at a small, liberal arts university in the Midwest. Although a sample bias in the student responses (students with higher GPAs had a higher tendency to respond) precluded a number of direct comparisons, a number of key inferences could be drawn. Faculty respondents correctly estimated the number of hours students spend studying outside of the classroom, and did not find this level of effort sufficient to obtain grades of A or B, while the student respondents achieving these grades with the level of effort predicted by faculty felt that their courses were reasonably challenging, and did not feel burdened with assigned out-of-class work. Although faculty respondents appear to recognize that a discrepancy between expected effort and grade assignments exists, they did not feel that they were apart of the problem. It would appear that in this instance, the greatest impediment to modifying grading practices to meet with stated expectations of effort will not be making faculty aware that a problem exists, but rather convincing faculty that they might be contributing to the problem. (Contains 4 tables.)