During my under-graduation days, I always wondered why we were being charged so little for the education that we were receiving. If the rest of my life, I am gonna earn my bread and butter based upon the education that I am receiving today, surely they can charge better than the couple of thousands that Mumbai University used to charge me.
Anyways, Abi at Nanopolitan has a post about replicating the Australian model as a fair mechanism for funding our universities.
Will reserve my comments for later. But, certainly a thought that can be worked upon.