The Harvard Business Review published an article about how a team at MIT invented a wheel chair for the developing world: Instead of taking a wheel chair made for the US and take away all frills and comfort to be able to produce it cheaper, they created a wheel chair for that market in mind. The result was a wheel chair so good, that they added things to make it attractive looking for the US market and sell it at a high margin.
Point is, instead of trying to make the current education cheaper so that everyone can afford it, let's start from scratch and make a university that provides high quality education at a low costs (e.g. $ 2000 tuition per year). If we want to provide high quality education, we need to start using learning theory when designing courses, no matter if they are online or offline.