This report is the twelfth annual report on the state of online learning in U.S. higher education. The survey is designed, administered and analyzed by the Babson Survey Research Group, with data collection conducted in partnership with the College Board and additional data from the National Center for Education Statistics' Integrated Postsecondary Education Data System (IPEDS). Using survey responses from more than 2,800 colleges and universities and IPEDS data for 4,891, this study is aimed at answering fundamental questions about the nature and extent of online education some of which include: Who Offers Online (Distance) Courses? How Many Students are Learning Online (at a Distance)? Is Online Learning Strategic? Are Learning Outcomes in Online Offerings Comparable to Face-to-Face? Do Students Require More Discipline to Complete Online Courses? Is Retention of Students Harder in Online Courses? and What Will Drive the Future of Higher Education? The survey analysis is based on a comprehensive sample of active, degree-granting institutions of higher education in the United States. [This report includes "Commentary: IPEDS as the New Data Source" (Phil Hill and Russ Poulin).]