This national study, which comprehensively reviews 311 virtual schools operating in the United States, finds serious and systemic problems with the nation’s full-time cyber schools. Despite virtual schools’ track record of students falling behind their peers academically or dropping-out at higher rates, states and districts continue to expand virtual schools and online offerings to students, at high cost to taxpayers. The advocates of full-time virtual schools are several years ahead of policymakers and researchers, and new opportunities are being developed and promoted largely by for-profit entities accountable to stockholders rather than to any public constituency. The report’s authors conclude that continued rapid expansion of full-time cyber schools is unwise. More research is needed; and to enable such research, state oversight agencies need to require more, and better refined, data. Financial controls and funding unique to cyber schools need to be established.