Imagine: thousands of applicants from around the world vie for a spot in Nollege, a new kind of edtech startup. Admitted students are flown to the "campus", an exotic site, rotating yearly and chosen for its cheap room and board. Instruction that can be automated a la Khan Academy, is; more experienced students also tutor newcomers as needed. Students spend half their time on work-study/internship programs, which cover all costs of attendance. They're encouraged to leave whenever they feel ready, be it one semester or 10; no arbitrary rules about which courses to take. When they do, they emerge with the same bonds of friendship and learned knowledge as their college-attending peers, but are years ahead in working experience and also debt free.
Perhaps this would be most feasible for cs, where the only materials needed are a laptop and WiFi, but I could see it working for English, art, mathematics, and many other disciplines.