My futuristic thoughts on the education system:
In our day of electronic communication we can create a new type of school - a room with 1 not necessarily highly qualified adult watching over a small (10-15 kids) group of children learning everything on computers with highly efficient learning software designed by the best experts, any unexpected problems and questions solved via a two way audio/video link (may be even 3d or a holographic projection) to a highly qualified teacher which would get recorded and archived for future noninteractive searchindexed FAQ.
The whole thing would be a bit expensive to set up if we count the electronic hardware and software, but a lot less expensive if no dedicated building needs to be built.
Also running such small neighborhood teaching cells would be less expensive for parents and less time expensive for children because of no need for transportation to a distant old style big school.
The current system is flawed because most teachers are just not dedicated enough to be REALLY good at teaching, some even teach wrong (thats from my own experience), also schools are not very safe environment for less aggressive children.
And of course education is just too expensive - people take huge loans which they later have big trouble paying off.