In this article, the authors argue that there "is" a real fiscal problem in higher education, but it is not the huge endowment losses--20 to 30 percent--that are attracting so much publicity. Those losses play only a small role in higher education's current financial dilemma, and then only at a comparatively few colleges and universities--but they are the ones getting the most publicity. The authors discuss the truth about the "crisis" in higher education finance. They contend that beyond endowment losses, colleges and universities are being struck by a "perfect storm" of falling investments, credit tightening, declining private contributions from individuals and corporations, declining state funding, and increased student financial need leading to decreased tuition revenue. No one cause is even close to devastating, but together they spell serious problems for an industry that the nation is increasingly counting on to develop the human capital that will enable people to compete in a global economy. However, despite the crisis in higher education, the authors point out that the weak economy is giving colleges the opportunity to make needed changes.