Massachusetts currently maintains several charter schools in its K-12 educational system. This paper applies the charter school idea to public institutions of higher education. Charter colleges are publicly owned institutions managed independent of most controls imposed by state bureaucracies and higher education systems. Charter schools are more able to manage their own administrative affairs, although they are still subject to local, state and federal laws. It is argued that controlled deregulation of higher education via the charter school, fosters efficiency and offers improved educational results. Massachusetts may benefit from introduction of the charter college concept within its public higher education system. Charter colleges make sense because they capitalize upon academia's desire for more autonomy, yet provide increased levels of accountability for each college in terms of results. Michigan and New Jersey serve as historical and recent case studies, respectively. The paper also draws on research which compares independent institutions with more highly regulated ones. Interviews with political and educational leaders support this argument as well. Three appendices are included. (HB)