This work analyses the regulatory, institutional and economic challenges facing tertiary education in Colmbia with a view to allow a growing share of the country's population to access equitable and quality tertiary education. The challenges of the future lie with confronting traditional limitations within a rapidly changing environment. This transformation had already occurred in advanced economies and increasingly so in Latin America. Colombia's great challenge is how to become an active member of this new global society, the information and knowledge society. This book suggests potential strategies and recommendations that would move the Tertiary Education sector forward by providing the flexibility to become more responsive to demands from society, from students and from the labour-market. The first section of the education sector work describes the current tertiary education system. The second section provides an economic perspective and argues that the country faces two main obstacles to expansion: rationed number of available places and stifled demand in private higher education. The third and final section contains strategies and policy recommendations that support the Government's policy by focusing upon four core issues: i. ensuring clear and progressive governance, ii. inducing and assuring quality, iii. promoting strategic levels of education and fields of study and iv. providing finance for equitable and expanded access.