For all of the attention rising college costs continue to receive, it is striking how poorly informed many decision makers are when it comes to setting tuition and fees. And it's equally astounding that so many institutions are learning the consequences of pricing decisions undertaken solely by trial and error when a wrong judgment can affect everything from the size, quality, and diversity of the entering class to the institution's relationships with its financial supporters and the public. In order to help college and university administrators "do it right," this article discusses six key principles that they can follow when when considering significant changes in pricing levels or strategies: (1) Treat pricing as a long-term strategic question, not a short-term cost issue; (2) Don't assume what works for your competitors will work for you; (3) Don't buy the Chivas Regal argument without proof; (4) Use the right analytic tools for the right questions; (5) Over the long run, work to enhance the value proposition of the institution; and (6) To defuse political and other resistance to price changes, pay attention to the process.