The entire paradym of education is changing.
I just watched online, a MIT prof give a class on differential equations. It was just like being there. Even private tutoring can be done online now, e.g., www.digitalmathtutor.com/onlinetutoring.html.
Why would anyone pay $300,000 to go to MIT when they can pick up the knowledge for free. Well, you might say, the diploma. That's what lets everyone know that you have the knowledge. Or, at least, it used to be that way.
If the knowledge is truly the most important thing, then the existing paradym will change. We will soon realize that the knowledge, without the debt, will be the way to go. Those who want to hire the most knowledgable will always find them, and it won't necessarily be from the diploma crowd.
Knowledge, not diplomas, is the future.