While I strongly support educational reform, I should point out that it is not just higher education, it's also high school, middle school, elementary school, kindergarten, and daycare. Every single aspect of the entire educational system down to the time spent on kids when they're too young to speak properly is broken. Consequently, fixing this is not as simple as having an online university, but I agree that the solution is very likely to be some sort of private, for-profit company, simply because that's the only feasible catalyst.