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Massive open online courses or MOOCs were predicted to achieve world domination and completely transformation of higher education. Today, these predictions are seen to have been overblown. But with several years of experience now behind them, MOOC providers and users are adjusting both their perceptions about online learning and the courses themselves. Mainly based on empirical research articles and reports and interviews with K-MOOC providers, this paper examines impacts of MOOCs on higher education and analyze K-MOOC as an illustrative case. For this, it asks such questions as: 1) have MOOCs expanded higher education and provided access for all, especially for the socially marginalized groups? 2) have MOOCs improved the quality of campus-based higher education? 3) have MOOCs reduced the costs to the providers and users? It will conclude with discussion of the emerging issues and future directions.