Prior investigations of the academic performance of student athletes have yielded mixed results: while the NCAA's large scale surveys point to classroom success, other researchers have documented academic underperformance by student athletes. The purpose of this study was to examine the grades and the time budgets of student athletes at a NCAA Division III university for women. Results indicated that athletes earned higher grades in anatomy and physiology and had higher cumulative grade point averages than their non-athlete peers. Surveys suggested that, during the season, these student athletes typically spent about 20 hours per week on athletics and a similar amount of time on academics. While they viewed this time allocation as nearly ideal, faculty members thought students should be spending twice as much time on academics as they do on sport. Implications for student advising and faculty attitudes toward athletes are discussed.