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In response to uncertainty surrounding the future of the student affairs industry, this paper explores management and organization literature in education and business to elucidate the condition of higher education as a mature industry. The first section,"Higher Education as a Mature Industry," presents characteristics of the life cycle stages of higher education, from birth to institution to maturity (its current state). The second section, "Change and Transformation in Higher Education," examines means of transforming and rejuvenating the student affairs industry. Thinking differently by embracing new combinations of long-standing ideas and empowering staff are suggested. The third section, "The Student Affairs Role in Transformation," looks at how student affairs can transform itself in such a way that it changes higher education. Questions addressed in this section are: (1) What should student affairs look like in the mature industry of higher education? (2) In what ways will student affairs need to apply more practiced means of management? and (3) How can the public trust be regained? Contains 44 references. (RB)