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This article uses fixed effects models to estimate differences in contemporaneous and downstream academic outcomes for students who take courses virtually and face-to-face—both for initial attempts and for credit recovery. We find that while contemporaneous outcomes are positive for virtual students in both settings, downstream outcomes vary by attempt type. For first-time course takers, virtual course taking is associated with decreases in the likelihood of taking and passing follow-on courses and in graduation readiness (based on a proxy measure). For credit recovery students, virtual course taking is associated with an increased likelihood of taking and passing follow-on courses and being in line for graduation. Supplemental analyses suggest that selection on unobservables would have to be substantial to render these results null.