I have a thesis that the current college system is broken and will, soon, no longer be the source of credential that it once was.
The economics are broken in a big way. And, I'm not sure that (on the whole), the education delivered is preparing people for the workforce or citizenry.
Combine that with new models of education delivery (e.g. Khan Academy, MOOCs) and you have an industry that is ripe.
There is still value to the college experience...bringing people of diverse backgrounds together for intense co-existing experiences. However, in my view, there will be far better and more cost-effective ways of doing that.
I'm certainly not the only one who has recognized this. There are many working on this including University of the People.
Today, I just read about another one...heck, I might go do this at some point.