In the United States, women have earned more bachelor's degrees than men since the mid-1980s. We examine the historical continuities in this trend and its sources, as well as changes since 2000 in gender gaps in advanced credentials, fields of study, types of institutions attended, and financing for higher education. The gender gap in bachelor's degrees has remained stable at a high level over this period and a female advantage in advanced degrees emerged, especially in professional degrees. The deepening gender divide in credentials coincided with rising shares of women attending for-profit institutions and an emerging gender divide in student indebtedness. Thus, women disproportionately carry the promise and bear the costs of educational expansion, with far reaching implications for the future.