The function of the university in the near future will probably just be to have like-minded curious people to discuss ideas with, and to get a better grasp of what problems need to be solved (specifically scientific ideas, rather than just applying engineering).
The prestige element (specifically of certain universities over others, perhaps not university over high school) is dwindling, and hopefully will be abolished with this new generation.
Note that in several countries in Europe, studying is free of charge or only costs a symbolic fee (scholarships aside).
The university system is thousands of years old, and it would be disastrous if it were abolished. I'm a self-taught developer, who also obtained two Masters and a Ph.D. later, and I can attest to it that the speed of learning at uni cannot be compared with the speed of learning via self study, especially self-study in isolation.
Having said this, learning only in groups/herds is also not the best approach IMHO, there is something to sitting alone and figuring something out without external help, at least occasionally, as it trains your analytical skills, your ability to concentrate and it gives you grit/perseverance.
Seminars/labs and office hours is where the biggest value of university can come from, but that’s the part that is often left to TA…
Motivation and internet access can get some of those things, but even among those things one would struggle to find them in one place and so readily available to them.
My perspective on the value dwindling comes from several graduate degrees and teaching at some of these 'prestigious' universities in the northeast.
It is of course just my singular experience, but the handful of research institutions I have worked at actually provided more of a typical 'academic' atmosphere than the universities, unfortunately. I still really want to believe that universities provide the most innovative research environment, but the incentive and operational structures don't really make it as optimal.
The reason I mention the new generation viewing its value as dwindling is that the cost isn't really 'worth it' and many of the best educational resources are actually free online now.
I'm an academic, so the fact that the investment doesn't pay off doesn't really bother me (academics typically don't care about money), but many people do want some financial advantage from education, and that isn't as present anymore.
I’m very much pro-education, and think that US high school should include the first two years of a current university education (grades should be roughly split between D, C, B and A, where D means “meets curriculum requirements”).
After that, I don’t think many people should go to a university. Instead, the state should provide up to 10 years of vocational education (splittable and redeemable at any point in life) or 8 years of university education (subject to a B or better average in high school).
Most vocational programs would be under 3 years, so you’d get three-four cracks at finding the right profession for you.
University track would be targeted at educators, researchers and entrepreneurs.
I think this would be better for every socioeconomic demographic in the US, and also help alleviate the housing shortage, enable modern manufacturing, fix many current issues with healthcare, and so on.)
however, the engineering culture which took the time to tell me about all these cool things and let me grow into being an expert in them seems to be largely gone.
The same is true of any field. Medicine for example. Then again I have several acres of swamp behind my place to help me when lerning from my mistakes.
