When Arizona State University announced in 2015 that it would offer a freshman year's worth of credit-bearing "massive open online courses" (MOOCs) for a fraction of the cost of its regular online and in-person classes, the news was met with both excitement and alarm. Education reformers proclaimed the move groundbreaking, saying it would open up higher education to underserved populations at home and around the world. The program's name reflected that ambition: Global Freshman Academy. But some academics saw the new model as a threat to traditional colleges, warning that it would steal students from community colleges and regional public institutions and destroy the livelihood of faculty members. Three years on, both the hype and the hysteria seem overblown. Though the program has drawn large numbers of students, it's been plagued by the same problems that have dogged MOOCs since their creation: low completion rates and a high percentage of learners who already have degrees. Although Global Freshman Academy and other programs that seek to unbundle freshman year have yet to become household names, the need for cheaper, more flexible pathways to a college credential is clear. To continue to serve as an engine of opportunity, the American higher-education industry will need to create more low-cost pathways that appeal to adult learners and low-income, first-generation students alike. But Global Freshman Academy and other innovative Web-based programs face obstacles to growth beyond the lack of public awareness.