A "compact" is such a civilized idea. It evokes an atmosphere of amicability and trust: The community interest placed foremost; everyone honorable; no accountability needed. It possesses a far different image from a treaty, or even a contract. No wonder people like to think of the time when there was a social compact concerning higher education. The real questions for today are whether one ever existed, whether "compact" is just a label for one's wistfulness regarding a simpler era, and whether anything like a compact can be fashioned in this time. In this article, the author provides a brief history of the compact and suggests restoring the compact not with the old one, but with a new one in order to create a healthier environment for the public business of higher education. He also offers five points that must be on any agenda. Two are about recovering faith; two more, about reducing fear; the last, about gaining stability. (Contains 1 note.)