There are currently three categories of independent colleges and universities: Those that are flush with resources, those that are stable but suffering from the effects of the recession, and those whose financial stress has been exacerbated to the breaking point. In this article, the author poses solutions that may represent useful options for continued growth for the fortunate few in the first category and may offer an alternative to decline or radical transformation for the latter two groups. Before exploring solutions, the author explores the economic environment surrounding independent colleges and universities. He explores whether a hybrid model, that combines both non-profit and for-profit strategies, is right for one's institution in today's economic climate. In response to severe financial stresses, some institutions are considering moving to a "hybrid" model that allows them to take advantage of the interest of financial investors in the higher-education market. Some "hybrid" institutions are being created that preserve the key attributes of non-profit private or public colleges while organizing to allow use of investors' funds to deliver functions that support the core activities. The key to the hybrid model is the ability of the institution to retain the core academic functions and still maintain control of the non-core functions. The author examines the advantages and disadvantages of a hybrid model. (Contains 3 figures.)