Globalization has had an enormous impact over the past few decades on most major components of the world economy. New markets have been opened, ownership of domestic corporations has been dispersed globally, and how most businesses are structured has changed radically. Higher education, however, has thus far remained comparatively untouched by the powerful forces of globalization. Looking to the future, one finds it unlikely that this sheltered position will continue to hold. But how will the effects of globalization on higher education be manifest? What would be the academic and financial impact on institutions of higher learning? This article discusses some of the drivers, issues, and risks associated with institutional approaches to globalization.