You can visit a university for a supervised exam at the end of a course. Exam sessions held even twice a year would allow people studying at different paces plan their time.
But you don't need to sit in the lecture halls. You can study where, when, and as much as it fits your life. (I stopped visiting most lectures after the sophomore year; I got an MD w/ honorable mentions nevertheless. I just studied more efficiently by myself.)
This system will likely result in your having many diplomas, for each significant course, and maybe a grand diploma for having a set of course diplomas and e.g. doing a master's work. But you can mix and match much more easily, and manage your time more flexibly.
The only losing side would be athletes. They'd have to find a different way to organize into minor leagues.