The higher education system in Serbia today is undergoing serious change, like other aspects of the country's social, political and economic life. Aligned with other neighboring countries that have emerged after the dissolution of the former Yugoslavia, Serbia, as well, is on the road to European integration. The process of transition necessitated the formulation of the new national policy with regard to tertiary education, accompanied by the need to introduce the new higher education law to facilitate changes to the system. This article outlines the current trends and developments of tertiary education in Serbia, highlighting some critical issues facing students at Serbian universities as the scope of higher education reform is becoming more profound. The possibilities of a more active involvement of students in the reform process are also presented. (Contains 9 endnotes.)