This analysis of the Internet and higher education focuses on two distinct models: one which is attempting to create "better, faster, cheaper" versions of today's courses and curricula through on-campus information infrastructure, and the other which envisions the Internet as the agent to transform higher education into student-centered learning rather than institution- and faculty-centered instruction in campus-independent ways. The paper first describes a number of academic projects that use the Internet for both on-campus instruction and distance learning. It then examines ways in which private-sector firms are using the Internet for training and education, with special attention to the firms' plans to cooperate or compete with academic institutions. The paper then addresses issues raised by the Internet's expansion into higher education including instructional costs, student access, the relationship between the private sector and academia, and the impact of the Internet on education. The paper concludes that learning from the Internet is likely to complement rather than supplant on-campus traditional higher education. (Contains 64 references.) (DB)