For-profit colleges and universities have gained considerable popularity over the last two decades due to an increase in non-traditional student enrollment, a rise in the availability of federal aid and student loans, and a proliferation of online courses (Cellini, 2021; Domnisoru & Schiopu, 2021). Despite increased interest in online programs at for-profit colleges and universities, student attrition, low graduation rates, and high default rates have traditionally plagued these institutions (Howarth & Stifler, 2019). Few studies have explored a theoretically based understanding of the disparity between increased enrollment and the lack of positive academic outcomes for online students. Drawing on the need to close the gap between online students who attend for-profit institutions and positive academic outcomes, this study aimed to explore students' lived experiences and theoretically investigate why this phenomenon exists. The retention and graduation rates of for-profit institutions indicate that students face extreme challenges in these virtual environments (Bettinger & Loeb, 2017; Cellini, 2020; Howarth & Stifler, 2019). By studying the disconnect between high enrollment and low student performance, for-profit colleges and universities will gain new insights into their sustainability and growth (Bush, 2010). The guiding research question for this study was: "Why is there a disparity between the popularity of for-profit institutions and positive online student academic outcomes?" Eleven individuals who attended a for-profit college or university online were interviewed regarding their experience. The researcher utilized thematic analysis to code the data. The findings suggest that for-profit institutions only partially meet online students' experience expectations, which may explain the disparity between their popularity and positive academic outcomes. This study held five main conclusions: 1) Early exposure to course expectations and receiving timely constructive feedback can positively influence a student's sense of ownership while attending online classes at a for-profit institution; 2) Students may feel isolated when instructors fail to actively facilitate interaction in online learning environments at for-profit institutions; 3) Academic integration in an online learning environment is heavily driven by a student's perception of academic success; 4) Online learners who identified as self-motivated or self-disciplined believed peer interaction was not necessary for their success; 5) Online students supported by their institutions and personal communities feel a sense of security and are more motivated to continue their education. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://www.proquest.com/en-US/products/dissertations/individuals.shtml.]