Between 1985 and 2000, the Central American country of Costa Rica experienced rapid and unprecedented private university growth as part of an international movement towards post-secondary privatization. Costa Rica stands apart from other developing countries in that all 50 of the nation's private universities are proprietary, resulting in a private sector that has dramatically different educational goals from that of a previously dominant public system. This article examines the impact of post-secondary privatization in Costa Rica as viewed through a neoliberal development lens and the subsequent tensions between a well-established public system and under-regulated private sector. Interviews with public and private university faculty and administrators, as well as key education officials, shed light on emergent distinctions between the two institutional types, including their respective mission and purpose, perceived educational quality, and resulting societal impact. (Contains 1 figure and 3 notes.)