bariereefwozere's point still stands. A small group of people could get as good, if not better education by privately employing the lecturers. I'd say the lecturers would get a better deal as well. The only thing you would miss out on is the piece of paper from the hallowed institution.

I suppose in the end that is the point. It's the piece of paper that has the value/door opening ability, not the actual knowledge imparted.