If the claims can be authenticated, the oldest university could be Oxford University dating back to 875. If not, Oxford cannot as the date will have to be either 1096 or 1254. The University of Bologna in Italy may hold that record which was established in 1088. Whichever way you see it, the universities recognized as institutions for higher learning can be safely be assumed to have come into existence some 1000 years back.
History of education can be traced all the way back to ancient Egyptian, Greek and Roman educations. However, it is the education in the middle ages that gave form and shape to the 20th century universities. The transformation in education that happened in the 19th century through newer education methods by Friedrich Frobel (1782-1852) and Maria Montessori (1870-1952) invented more progressive methods. 20th century reshaped education in terms of reaching out to each and every person. It led to basic learning for everyone either through institutions or other schooling methods. Students grants ended by late 20th century leading the way into student loans for university studies and has given rise to the way which the education may be shaped for the 21st century.
It is important to note that most of the transformation in education happened in the middle and the late 20th century. However, opening up the education to masses resulted in both up and down sides in the way in which the education was delivered.
Down side can be attributed to the chaos that resulted in the wasted time and effort in choosing the line of education, rather than getting picked up or being chosen by the universities to pursue that line of education. This is a signficant difference and will be addressed by COL in coming days and months to provide tools or design tools that helps the students (persons pursuing higher learning) and universities alike.