The best fix for this - which is in the works - is destroying the higher education model through MOOCs and alternative credentialing programs. The education bubble can't be long for this world.
This makes the future even more scarier. In India where I live, there are colleges and schools aplenty in too much abundance. To a point you could say most institutions are bad replacements for MOOCs. The problem with things like these is Universities and college education, offer time based deadline within which you need to finish your academic work.
Most people aren't that disciplined, if left on their own, many will procrastinate heavily.
But those serious will make great progress, the gap between the two groups will too high. You will arrive back at the inequality problem.
You solve a smaller problem of debt accountability. But you install a bigger problem of human motivation. From all my experience in all my schooling. In a class of 100 kids, maybe 10 have sufficient motivation to do it purely if they relied on MOOC's and do it from home. The remainder will likely play games and sports all day, or while away time with their peer groups. Or worse do drugs, cigarettes or alcohol way early in life.
The problem with things like MOOC's, Open source projects etc is you need be very motivated for long periods of time to keep with college education. That doesn't happen even as of now.
With a MOOC the costs and barriers to entry are alot lower than for college education. One would hope that this enables people to 'shop around' a bit more, finding something they are actually interested in - which is one important part of motivation.
The quality of the lectures available can also be much higher, e.g. I can see and follow what top professors in the field are up to regardless of geographic or other access problems.
Over time, I also hope for a bit more specialization - instead of mostly Phd/professors wanting to do research having mandatory lectures, we'll have more people passionate about teaching itself.
