I don't believe a theological education can take place online. (You don't learn surgery online, by the way.) Information can go on the Web, but an education requires more than data. It involves the touch of a mentor -- one seasoned life poured into another inexperienced life.
Don't like what I just said? Don't blame me. I didn't say it. Those are the exact words of Chuck Swindoll, the former president of Dallas Theological Seminary, in his book The Church Awakening (p. 95). He's absolutely correct. Unless, of course, you think that teachers are mere dispensers of information!