The erosion of the college credit monopoly, the devaluation of the degree and the rise of new forms of credentialing suggest a generation of students and higher education institutions somewhat different than the previous generation. Consider a higher learning environment where students create their own academic portfolios and shape their educational experience around their own interests and career goals--where credit hours are replaced with specific "learning certificates" whose value is determined by the job market. Serving these students would be a new generation of higher education institutions that take the lead in offering concentrated, targeted educational certificates. Open access to courses with meaningful credentials and a renewed emphasis on practical knowledge--and full integration within the world of work would be characteristic of the next-generation academic enterprise. All of this calls into question whether higher learning is more than just taking classes--more than subject content.