Private higher education is historically connected with the brightest period of Greek culture. In ancient Athens it was considered the only form of education appropriate for a free people. Today there is an urgent need for expansion of the Greek higher education system owing to the continuing exodus of Greek students to other countries in order to obtain university degrees. The national cost for this is comparable to the major sources of Greece's national income. A small fraction of the cost of only one year's exodus would be sufficient to finance private universities that offered higher education of superior quality. A study shows that a private university in Greece is both financially and academically feasible. Beyond the financial gains, a private university would enhance competition and offer an alternative to governmental-controlled education.