We’re likely to significant change in the next decade, the net effect of which will be more students served at a lower average cost. However, the nature of the evolution will differ among institutions. The elite schools will hybridize their courses not primarily to reduce cost or grow enrollments, but to better serve the rising generation of “digital natives” and to make the most of learning-enhancing computer-adaptive technology. By contrast, schools without the benefit of high prestige and large endowments will hybridize and offer fully online courses mainly so that they can keep tuition affordable, admit more students, and use the incremental revenues to plug the hole left by rising operating costs and declining state support. In all cases, students will benefit.