A generation of young Americans is bearing the brunt of decades of runaway college costs. Graduates are entering the workforce with staggering student loans that are inhibiting their ability to buy homes, cars and start families.

Massive open online courses—or MOOCs—hold the promise of bending that cost curve down. The genius of MOOCs is that they can reach millions of students. Their Achilles' heel, if they have one, is that they are impersonal.

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