America's higher education system is in dire need of reform. The average college student leaves school with more than $23,000 in debt, and total student loan debt in the United States now exceeds $1 trillion. Furthermore, too many students are leaving college without the skills needed to be successful in the workforce. And yet, despite the dire state of today's higher education system, there is hope on the horizon: By favoring knowledge and skill acquisition over seat time, online options and competency-based learning are disrupting the traditional higher education market and perhaps have laid the foundation for a revitalization of American education. Despite the promise presented by these innovations, however, the antiquated higher education accreditation process remains a considerable obstacle to reform. (Contains 64 footnotes.)