Using records from a large public university, we examine the impact of Greek life on academic performance and salaries. To isolate the causal effect of Greek life, we exploit a university policy prohibiting students from joining a Greek organization during their first semester and a minimum GPA for subsequent eligibility. Regression discontinuity and panel methods reveal that Greek affiliation reduces student grades by 0.1-0.3 standard deviations. Greek effects are largest during the semester of pledging, semesters of increased social activities, and for males. We find no evidence of a Greek salary premium and rule out even modest positive effects.