In this look at the near future of higher education, and in light of probable declining enrollments and resources, two perspectives are given, both drawn from existing literature. The first sets forth some of the fears of higher education professionals in one possible, if extreme, scenario; the second, some of their hopes in another. Among the fears: enrollments will fall even faster than the size of the college-age cohort; tax policy and public policy will reduce resources available; colleges will become competitive in destructive ways; faculty will become rigidly defensive; students will, in their power as choice-makers, guide institutions to lower standards; and institutions will lose autonomy steadily. Among the hopes: the college clientele will expand to other age groups; resources will decline slower than enrollments; higher education is politically influential enough to hold its own; academic integrity can be upheld by developing codes of fair practice; the end of expansion allows institutions to concentrate on quality; students will be intelligent consumers; and faculty will establish appropriate priorities for their efforts. These arguments are discussed in detail, with supporting statistical data provided. Courses of action for institutions, states, and the federal government are examined. Appended are: a list and descriptions of the Carnegie Council surveys; a glossary and guide to abbreviations; and a list of references. (MSE)