In 1972, Alexander Astin and Calvin Lee authored "The Invisible Colleges: A Profile of Small, Private Colleges of Limited Resources." Written as part of a series for the Carnegie Commission on Higher Education, this work identified and examined the status of private colleges. They identified 494 colleges as "Invisible" based on low enrollment and low selectivity. (This number was amended to 491 in an unpublished appendix to the original work.) A contrasting group of institutions with high selectivity was also identified as "Elite Colleges." At the time, the Higher Education Act of 1965 was up for reauthorization, and part of the rationale for the study was to influence federal policy regarding finance of private higher education. Astin and Lee concluded that many of these institutions were having serious financial struggles, and were in "real danger of extinction." In the four decades since Astin and Lee's publication, there have been no empirically based, quantitative studies to determine the status of these institutions, even though a spate of reports consistently asserts their impending demise or extinction. The first article in this study undertakes an empirical examination of those 491 institutions initially identified by Astin and Lee as "Invisible" using a combination of student selectivity (based upon ACT and SAT scores) and enrollment size (under 2,500 students), and contrasting them with those 44 institutions initially identified as "Elite." As of 2012-13, a total of 354 of the original 491 Invisible Colleges and 43 of the original 44 Elite Colleges continued to operate as accredited private, four-year institutions. Only 80 of the original Invisible Colleges had closed; 35 had merged with other institutions, 10 remained open but were not accredited, 6 had converted to public status, 5 had become for-profit institutions, and 1 had become a 2-year private institution. Thus, among those 354 Persisting Invisible Colleges, 145 no longer met the criteria to be classified as "Invisible" in 2012-13. Changes in religious affiliation, geographic location, gender of students enrolled, enrollment of full-time and part-time students, and in Historically Black Colleges and Universities identified as invisible are examined in this article. Astin and Lee had recommended that institutions enrolling fewer than 1,000 students increase their enrollments. In 1967-68, 70% of the 491 Invisible Colleges had enrollments under 1,000; by 2012-13, 30% of the 354 Persisting Invisible Colleges did. The second article in this study examines the financial conditions of these 354 Persisting Invisible Colleges and 43 Persisting Elite Colleges in 2012-13, and compares them to the original 491 invisible and 44 Elite Colleges. Astin and Lee declared in 1972 that the lack of resources at the Invisible Colleges put them in danger of failure. In 2012-13, many of the 354 Persisting Invisible Colleges were still struggling financially. The 43 Persisting Elite Colleges, however, not only were financially stable, they enjoyed substantial other revenue streams, including federal research grants, and possessed sizeable endowments, with total assets almost 90% higher than the total assets at the Persisting Invisible Colleges. An examination of student financial aid revealed that the Persisting Invisible Colleges are functioning as access institutions, with an average of 41% of their students receiving Pell grants, compared to only 16% of students at Elite Colleges. That public institutions for the first time in 2012 generated more revenue from tuition than from state support represents an unprecedented shift in American higher education funding; perhaps these institutions can learn from strategies adopted by both the Persisting Invisible and Persisting Elite Colleges to maintain solvency in a growing tuition-dependent environment. The third article in this study presents an analysis of those institutions in 2012-13 which can be classified as Invisible or Elite Colleges, using the exact same methodology as Astin and Lee to identify them. A total of 547 institutions were identified as New Invisible Colleges and 61 as New Elite Colleges. These numbers were then compared to the 491 institutions identified by Astin and Lee in 1972 as issues of religious affiliation, curriculum, enrollment, revenues, expenses, and financial aid were examined. In addition, distance learning, retention and faculty information were considered. A majority of the New Invisible Colleges is located in the south, more have a religious affiliation in 2012-13 than in 1972, and over half offer distance education. The New Invisible Colleges have larger percentages of their students on Pell than do the New Elite Colleges--46% compared to 15%--and they are loan dependent as well (61% compared to 38%). It is quite possible that the substantial growth of the for-profit sector has had an effect on these institutions. These three articles present a comprehensive analysis of small, independent, four-year institutions in the United States. Invisible Colleges were deemed at great risk of failure in the early 1970s, particularly those with enrollments under 1,000. The methodology used to identify the nonprofit colleges at risk in 1972 was used to identify today's New Invisible Colleges and New Elite Colleges in 2012-13. Clear evidence is presented indicating the extreme differences in the financial status of the two groups. Recommendations include the suggestion that, as state funding for public higher education sadly continues to decrease, public institutions should look at the survival strategies employed by the Invisible Colleges to identify those which could be beneficial. In addition, the question is raised whether distributing federal financial aid to institutions with substantial endowments, such as the 61 New Elite Colleges, is in fact sound public policy. As the landscape of higher education in America continues to change, particularly with the sharp increase of for-profit institutions and the sharp decrease in state funding, this study provides a clear evaluation of the status of small, private, four-year institutions, highlighting the narrow financial margins at the New Invisible Colleges, compared to the substantial revenues of the New Elite Colleges.