There are thousands of under-employed Ph.D.s in America who could be paid to offer college-level courses in your living room. If 10 students banded together and put up $10,000 each . . . they could hire two high-end intellectuals, pay them $50,000 each and get personal instruction.This sounds like what I've heard of the old Oxford/Cambridge education. Could work very well for learning the liberal arts, and even sciences such as mathematics or economics that don't require much equipment. Engineering and biology would still need an institutional set-up.
The big problem would be that you'd get a good education and not come out with an accredited degree, so employers would be wary of you. There might be good synergy with the online colleges. Have tutors in person under the aegis of an online school. The school does final exams and awards the degree, but you don't have the problems of getting your schooling through an Ethernet port.