The traditional model for education served Western civilization well for 1500 years, but it has been rendered obsolete by technology. We need to accept that and embrace a new, decentralized educational model, and hopefully to do it faster and more completely than other countries.
It is a coincidence, but our current economic downturn actually will help bring this new educational model about. Many families have a parent out of work, but just because they don't have a job doesn't mean they can't be valuable to society and their families. What we should be advocating is a homeschooling renaissance, to cut the regulations hindering greater homeschooling and have these parents teach their children. Many countries severely restrict homeschooling, but if we embrace it far more than we have currently, we can end up with the most educated work force in the world.
As for edX, it currently does not offer a degree, but a "certificate of mastery" or some such thing. Right now it is not worth a degree, but that will be solved by the marketplace. When an employer equates a certificate of mastery as being equal to a paid degree, then the upper level of education will be fundamentally changed. And no band aids to prop up student loans or paying teachers will stop the sea change.
Mr. Mom could supervise the virtual education, but it doesn't have to be tied to traditional "homeschooling" either, any more than it would be to "traditional" public education, though it will seem to have the elements of both. The idea is to radically change the public education model, so that "homeschooling" won't be really necessary, while most of the education will be done, physically, from home, but at significantly lower expense (hopefully, if done right) than either public ed or homeschooling today.
As for edX, it currently does not offer a degree, but a "certificate of mastery" or some such thing. Right now it is not worth a degree, but that will be solved by the marketplace. When an employer equates a certificate of mastery as being equal to a paid degree, then the upper level of education will be fundamentally changed.
Exactly, that will be and should be "solved" by the marketplace, i.e., the employer will start looking more at qualifications and knowledge rather than a "degree" knowing that they come from about the same places.
Ideally, you could get business credits from Warton or Harvard, engineering from MIT or CalTech, law from Harvard or Yale, etc. etc. and get the "mastery" degree that would, at least "on paper," supercede those of physical college student-attendee.
Internet may finally allow people to be free of tyranny of "physical" educracy and rigidity of schedule, place, time, limited [if any] school choice and curriculum selection, and so on...