Private not-for-profit liberal arts colleges are considered nondoctoral institutions in the Carnegie classification because they do not award degrees higher than a master’s. However, full-time, full-year dependent students at liberal arts colleges appeared more similar to their counterparts at doctoral than at nondoctoral institutions with respect to important characteristics related to price and paying for college in 1999–2000. These characteristics include tuition paid, budget, expected family contribution (EFC), financial aid received, and net cost. In addition, students at liberal arts colleges more closely resembled their peers at doctoral institutions than at nondoctoral ones in terms of certain background characteristics such as parents’ education and the highest degree they expected to earn. Therefore, for the purposes of this study, private not-for-profit liberal arts institutions were grouped with doctoral institutions.