Well, by attending a traditional institution you're really paying firstly for experts to take partial responsibility for your learning, enough to stake some of their reputation on it, and secondly for entrance to a club of peers of similar ability to learn with.

With more and more material available online, I can see how taking full responsibility for your own learning is less daunting than it once was. I'm still curious as to what will replace the role of peers of similar ability in this self-learning model.