Once a beacon of hope for thousands of Black students denied access to higher education by predominantly White institutions, historically Black colleges and universities (HBCUs) have educated generations of Black scientists, doctors, lawyers, educators and social activists. But today, these institutions face serious challenges. Questions of relevance have reached a fever pitch as today's Black colleges work to address declining enrollment, low graduation rates and financial instability. Despite the challenges, however, HBCUs for many Black students--and others--remain the last best hope of succeeding in the higher education arena. As the age-old debate for and against Black colleges rages on, this article identifies five threats facing HBCUs and five opportunities that could define their futures.