Globalization and the revolution in technological communications are major forces of change in higher education. This environment, when coupled with the needs of adult learners and the rising costs of tuition at traditional colleges and universities, has stimulated the emergence of for-profit, degree-granting higher education in the United States. This paper examines the growth of for-profit higher education, provides a cost/profit analysis, and gives examples of for-profit universities that are increasing international in scope. The paper concludes with a discussion of the implications of these developments for traditional colleges and universities.