In spring 1954, the Gamma Nu Pi fraternity at prestigious Summit College in Erie, Pennsylvania, prepares to initiate a new group of freshmen “pledges.” When “pledgemaster” Rodger Carter arrives at the fraternity house, Charles G. “Chunk” Cherry tells him that there are a dozen hopefuls. Rodger’s girlfriend, Betty Ann, reminds him and Chunk that the new Gamma Nu pledges are expected to attend that evening's presentation of the Kappa Delta Alpha (KDA) sorority pledges, and Chunk assures Betty Ann that they will be there. When Chunk brings the Gamma Nu pledges into the house, Rodger explains that they are entering “neophyte week,” and that over the next fifteen-week period, culminating in “hell week,” each pledge must memorize all the fraternity songs, prayers, by-laws, and rules, as well as the histories of all the Gamma Nu Pi members and fellow pledges. Furthermore, each must wear his pledge pin at all times and carry his pledge book, which any fraternity member can demand to see at any time. One slip-up will result in a “black ball” that will eject them from the fraternity. That evening, Chunk dresses the pledges in ridiculous costumes and marches them to the KDA house, where “Zac” Sterling, wearing a Roman soldier costume, presents his fellow Gamma Nu pledges to KDA pledgemistress Betty Ann with a short, eloquent speech. Zac and KDA pledge Jennifer Harris instantly like each other. Later that night, the pledges elect Zac as their president. Privately, Zac and Rodger strike up a friendship and discuss F. Scott Fitzgerald and his novel The Great Gatsby, particularly its theme of personal “dreams.” Later, at a ceremonial meeting attended only by active Gamma Nu members, Rodger says he wants to get away from the old methods of hazing pledges. He is especially against such punishment as paddling and making pledges eat raw onions, which create “divisive" resentments that some “actives” still hold against one another. Chunk disagrees with Roger, but remains silent. Later, after a photographer from the college newspaper takes a publicity picture of pledge leaders Zac and Jennifer together, Jennifer tells Zac that he is the man for her. In a school hallway between classes, as Zac and Jennifer talk with fellow student Jim Jenson, Chunk and Betty Ann pull them aside to explain that since Jim left Gamma Nu and pledged with another fraternity a couple of years earlier, Gamma Nus and KDAs should not associate with him. That night, at the sorority house, the KDAs and Gamma Nus celebrate as Rodger gives his fraternity pin to Betty Ann. Afterward, when Chunk approaches Zac and calls him “Pledge,” Jennifer intervenes and claims that they are on “KDA property” beyond Chunk's authority. Zac, fearing retribution later, nevertheless joins Chunk in singing fraternity songs, leaving Jennifer angry and disappointed. Later, another pledge, Lloyd Pope, tells his fraternity brothers that his father, a U.S. State Department diplomat, has been accused of being a “card-carrying Communist” by Senator Joseph McCarthy, the head of the U.S. Senate hearings on un-American activities. Zac, an old schoolmate of Lloyd’s, assures him that he can rely on his Gamma Nu brothers for support. However, when Lloyd competes at a swimming event, very few Gamma Nus show up. That evening, after a radio newscaster announces that Lloyd’s father has resigned his position, Rodger tells Zac he doubts he can save Lloyd from being ousted. At a meeting of the actives, Chunk demands that Lloyd go, and the members vote to expel him. When Zac hears the news, he tries to get his fellow pledges to walk out in protest, but nobody joins him, and Lloyd surrenders his pin. Later that night, Jennifer tells Zac that she is disgusted with the Greek system and suggests that they both quit “the Row” and move into an apartment together. Zac disagrees, insisting that he can improve the fraternity from within. At the next pledge meeting, Zac tells the others they need to pick a “worthiness” project. Pledges suggest going on a panty raid or painting the KDA house chartreuse in the middle of the night, but at that moment radio station WSAS asks its listeners to vote via postcard for their favorite artist. The winner’s records will be played for one full day. The pledges round up votes for the Budapest String Quartet. Meanwhile, Chunk continues to harass Zac, and at one point makes him eat a raw onion for a minor infraction. When Rodger intervenes, Chunk accuses Rodger of turning the pledges into “pussies.” Later, the radio announces that singer Doris Day is in the lead, followed by Perry Como and the Budapest String Quartet, so the Gamma Nus and KDAs stage a dance party to raise more money for stamps and postcards. As Jennifer leads everyone in a line dance called the Birdland, Betty Ann uses a racist epithet to complain to Chunk about the dance's African-American roots. Later, during a formal Gamma Nu dinner, fraternity alumnus and avid sponsor Brother Abernathy applauds the pledges for coming up with the imaginative radio voting campaign and winning a full day of Budapest String Quartet recordings on WSAS. During a lawn party at Brother Abernathy’s house, Betty Ann complains to Rodger that their relationship is "falling apart," but he says it was over a long time ago. When Jennifer again asks Zac to leave Gamma Nu and he refuses, they break off their relationship. When Lloyd’s father is cleared of the charges against him, Zac wants to bring Lloyd back into the fraternity, but Rodger tells him it will not work. Zac walks out of the Gamma Nu house, but Rodger convinces him not to quit. When they return to the fraternity house, Chunk accuses Rodger of siding with the pledges and protecting Zac. Calling Rodger before a meeting of actives, Chunk demands that the new pledges go through the same punishments they themselves had to endure in the past, including paddling and humiliation. The actives elect Chunk as the new pledgemaster. During a "hell week" event called the "Ceremony of the Griffin," the pledges, wearing only underwear and bow ties, are smeared with eggs, told to kneel before an altar, and blindfolded. Chunk, acting as the Griffin, tells them to eat from the Griffin’s table. Each pledge lifts his head, opens his mouth, and accepts a piece of raw liver that slides down his throat. But the piece that Chunk feeds Zac is too large, and Zac chokes despite Rodger’s attempt to help. When an ambulance arrives, the attendants declare Zac dead and berate the fraternity brothers for their silly pranks. Rodger grabs Chunk, but realizes that the new pledgemaster is as shocked and ashamed as the other Gamma Nus. Rodger says afterward that Zac will always represent for him the eternal "dreamer."