Gyárfás and Lehel and independently Faudree and Schelp proved that in any 2coloring of the edges of K n,n there exists a monochromatic path on at least 2⌈n/2⌉ vertices, and this is tight. We prove a stability version of this result which holds even if the host graph is not complete; that is, if G is a balanced bipartite graph on 2n vertices with minimum degree at least (3/4 + o(1))n, then in every 2-coloring of the edges of G, either there exists a monochromatic cycle on at least (1 + o(1))n vertices, or the coloring of G is close to an extremal coloring -in which case G has a monochromatic path on at least 2⌈n/2⌉ vertices and a monochromatic cycle on at least 2⌊n/2⌋ vertices. Furthermore, we determine an asymptotically tight bound on the length of a longest monochromatic cycle in a 2-colored balanced bipartite graph on 2n vertices with minimum degree δn for all 0 ≤ δ ≤ 1.