This study used nationally representative data and employed multinomial logistic regression to examine the changing profile of online students in American higher education. Although online education continues to become an increasingly mainstream mode of instruction, certain student groups may engage disproportionately with computer-mediated instruction. Weighted descriptive statistics revealed that the proportion of postsecondary students who enrolled in online courses increased from 5.9% in 2000 to 32.1% in 2012, with 23.6% of students enrolled in some online courses and 8.5% of students enrolled in fully online programs. Empirical evidence suggested that student characteristics associated with the highest opportunity costs of engaging with residential education—such as being a full-time employee, parent, or married—were more likely to enroll in some online courses and online-only programs. In addition, economically and socially disadvantaged students were typically less likely to engage with online education.