In 1994, the Midwestern Higher Education Compact (MHEC) joined its sister compacts in offering a regional student reciprocity and tuition exchange opportunity known as the Midwest Student Exchange Program (MSEP). The program allowed students from one MHEC state to attend an institution at a reduced tuition rate in another MHEC state when the student's home state did not offer the degree program the student was seeking. This arrangement benefitted students, families, institutions, and states by increasing options and decreasing costs for families and students while increasing enrollments and student in-migration at participating schools in MSEP states. This report begins with an overview of current trends in higher education and moves to a discussion of the contemporary role of student exchange and tuition reciprocity programs. These sections are followed by a 25-year history of MSEP, placing MSEP in context vis-à-vis other reciprocity programs, its original goals, and the contemporary needs and priorities of students, families, institutions, and states.