This study tested two models of student learning and development using data from 44,238 undergraduates across 120 institutions. The study found that similar students expending similar effort had different reported gains depending on the institution attended. Student engagement in educational activities had a positive effect on reported gains. The findings suggest institutions should promote student learning through increased engagement and improving the gains to effort ratio across in-class and out-of-class experiences. Institutions should also seek ways to improve student perceptions of the environment.