My wife is due to give birth in two months. I've already made up my mind that I'm not saving one penny towards my kid's college education. What a complete waste of money. If you want to learn, just turn on your computer.
You are right on! There is an opportunity in our society right now for an entrepreneur to launch an internet based institute of higher learning offering strictly communication skills (reading, writing, speaking, and listening) and specific knowledge of a particular specialization (math, accounting, chemistry, etc.). The cost would be a fraction of the absurd cost of supporting the existing inefficient and ineffective system, and employers would fight to attract the graduates of these institutes. The internet will change the face of education.
I think it's going to go that way. There was an article recently (educationnews.org perhaps, can't remember where I read it) that suggested that within the next five to ten years, most students will be getting their education over the internet, and that includes K-12.