People around the country--students and families, government officials, legislators, public-policy experts, and others--are increasingly questioning higher education's quality, cost, and relevance to the nation's future. Colleges and universities are also grappling with issues of access, diversity, and student retention and completion. How can boards be of most value as they sit at the intersection of institutional aspirations and society's needs? Is higher-education governance up to today's challenges? At AGB's 2011 National Conference on Trusteeship, Ray Suarez, senior correspondent at the "PBS NewsHour," led a special panel that examined many of these issues. This article presents an excerpt of the discussion. Three take-aways are presented. (1) Colleges and universities nationwide are confronting significant economic challenges, as well as issues of access,diversity, student retention, and degree completion. Boards must be aware of the impact of these challenges and issues on their institutions and work to help find solutions. (2) Boards must make the case for the importance of higher education to our nation's future, while at the same time asking hard questions of their institutions. Finally, (3) Collaboration among colleges and universities, as well as with community colleges, K-12 schools, and others, is becoming increasingly important for ensuring higher education thrives in the new environment. (Contains 3 resources.)