In fall 2005, the Dale Bumpers College of Agricultural, Food and Life Sciences at the University of Arkansas authorized the optional use of a plus/minus grading system. Since 2005, approximately one-half of courses have been graded using plus/minus and one-half using the straight letter grade system. This study examined student (n = 338) and faculty (n = 82) perceptions of the plus/minus grading system and evaluated its effect on course GPAs by analyzing 12 years of grade data. Student perceptions of the plus/minus system were negative; a majority of students felt plus/minus grading was unfair, resulted in lower student GPAs, and preferred straight letter grades. The faculty was more divided; a slight majority felt plus/minus grading was fair to students while pluralities felt it helped average and low achieving students, resulted in lower student GPAs, and preferred straight letter grades. Students were significantly more negative about plus/minus grading than were faculty. Analyses of same-course same-instructor grade data indicated no significant change in post-2005 GPAs for courses where instructors continued to use straight letter grades; however, a significant decrease (-0.12) occurred in courses where instructors switched to plus/minus grading. In plus/minus graded courses, more minus than plus grades were assigned, primarily because no A+ grade was available.