Degrees will wither in importance. Today, the meaning of a degree varies in content and quality, depending on the college. In essence, we offer thousands of different degrees, even if they are called by the same name. However, with the change in emphasis from institutional process to educational outcomes, degrees will become far less meaningful. A transcript of each student's competencies, including the specific information that the student knows or the skills that he or she can perform, will be far more desirable.
Colleges now have a virtual monopoly on higher-education credentials.
Every person will have an educational passport. In the future, each person's education will occur not only in a cornucopia of different settings and geographic locales, but also via a plethora of different educational providers. Such an educational passport, or portfolio, will record a student's lifetime educational history. We will need common standards for naming and assessing those achievements. Dollars will follow the students more than the educators.