I emailed a friend who is a Dean at a Business School. Here is his reply:
Definitely going to have an impact on those of us in the less than elite world. I think there may be a big move towards distance learning as the entire world moved online quickly and high schoolers are forced to become more comfortable learning that way. If a student can complete a large number of their course remotely, less may be willing to spend half of their money on room and board. You may see universities start the price war that the public has been calling for as we can deliver online instruction for a much lower cost than face to face. I have been thinking of the questions you are asking Scott and I am not sure how this is going to play out, but there will be a great number of changes coming. Higher education has always moved at a glacier's pace, but like the glaciers themselves I expect the pace to pick up in ways that we haven't thought of yet