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"Minerva is one of the least-publicized but also most well-funded and audacious of the current crop of online education startups. Funded with $25 million from Benchmark Capital-one of the well-known venture-capital firm's largest-ever investments-Minerva says it will begin accepting applicants in 2015 for an entirely Web-based college program. The resulting undergraduate degree, it promises, will have all the prestige of anything the Ivy League can offer, but at half the cost."

""It will be harder to get into Minerva than any other university," says Nelson. "You'll have the same criteria for your grades, essay, and application. But you'll get no brownie points for how good an athlete you are, for how much money your parents can donate, or for what state you were born in.""