Seems to me that the technology is there, it's just a matter of utilizing the conferencing and interactive software needed for increased one-on-one communication with professors and student-to-student interaction. We would also need to improve the credibility of online degrees with a vast majority of employers; as it stands, only 37 percent of employers believe a graduate degree earned online is "valid" (and this is much lower for bachelors/undergrad). This makes sense for introspective degrees, but I don't see how the this ultimately helps to improve our standing in the sciences and "hands on" degree programs (engineering, heathcare, work programs etc).
http://www.americanprogress.org/issues/2009/07/educational_tools_memo.html
http://www.americanprogress.org/issues/2009/07/educational_tools_memo.html
President Barack Obama has proposed an ambitious agenda to reform and improve U.S. education at all levels, including by harnessing the power of technology to deliver education in new and innovative ways. He is backing up these proposals with plans for a significant increase in the federal investment in education geared to reclaiming the world’s number one ranking in college completion by 2020, producing the skilled and educated workers our economy needs to boost productivity and wages, and ensuring that the opportunity to learn and gain new skills is widely available, including to dislocated workers struggling to find well-paying jobs. Few long-term policy initiatives are as important as this for our nation’s broad-based economic growth and prosperity in the 21st century.