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Facing the prospect of losing their best students to Thiel and other programs like his, universities have scrambled to add their own entrepreneurial programs.

CNN: Are colleges afraid of Peter Thiel?

If such a formal accreditation system could be established it would raise the prospect of online students anywhere in the world being able to study for a degree with famous universities, at a cost that is likely to be much lower than a traditional campus-based course.

BBC: Gates Foundation funds online university open access

These students appear to have been deterred by the worsening financial situation and the prospect of having to take out loans.

BBC: NI students choose local universities