I think the model described in this Wired Campus Blog post, 10 Highly Selective Colleges Form Consortium to Offer Online Courses makes a lot of sense. Students already attending one of the institutions in the consortium will be able to select from a wider range of courses and class sizes will be limited to 20 students. The article notes that the online classes might especially benefit students who are studying abroad. In my opinion, consortiums like this involving multiple online courses from multiple institutions will only continue to grow. The universities involved in this consortium are partnering with 2U, an educational technology start-up that provides universities with the technologies and infrastructural support for converting their on-campus programs into online programs.
February 19, 2013