Students in the Kelley School may elect to take a maximum of two courses under the Pass/Fail option per year. The procedure and deadline for declaring this option may be found in the Registrar's online Enrollment and Student Academic Information Bulletin: Pass/Fail Option. Special regulations affecting the Pass/Fail option for Kelley School students are as follows:

1. Only one course each semester or one course for an entire summer may be taken under the Pass/Fail option.
2. Pass/Fail may only be used for Supplemental Hours. Kelley School students may not take any business, 27-hour Core, or other required course Pass/Fail.
3. A grade of P is not counted in the grade point average; a grade of F is included. Grades of P may not be changed to any other letter grade.