"Higher education" is really a medieval style guild system, and it has no place in modern society. With ubiquitous internet access anyone with sufficient talent and motivation can teach themself any subject to any level. The only remaining step is to decouple the certification from the training.
It's true that some people will learn better with a teacher and fellow students, but there's no reason this has to be within academia. Students could save a lot of money by cutting out the middle-men and hiring teachers directly.
Maybe, but the problem is sufficient motivation. I was definitely NOT motivated when I first enrolled in college for a Computer Science degree. I quit after about three semesters. After a few years of partying my ass off, I decided to get a real job. After a few years of manual labor I began to appreciate the value of an education. When I say "the value of an education" I mean the ability to get a sufficiently challenging and satisfying position (clue: most of them require a degree). Now I'm enrolled again at 27 years old, with about three years to go before I graduate with my first degree in Electrical Engineering. I enjoy it, and I'm now taking it seriously. But that doesn't mean I'm motivated enough to learn all this material, all the fundamental concepts and higher level applications, without people who know what the hell they're talking about within easy reach. Try as you might, you can't replace real human interaction with the motivated types you find in a good engineering program with internet access.
To thine own self be true. (If not that, at least make some money.)