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Education is the most important thing for any country to develop and prosper. Education moulds the character and intelligence of individuals. It also provides the talent and motivation to every person. The conventional education system at higher education level is analogous to brick and mortar type business system, where a student gets a systematic education from college/University by personally attending required courses regularly (Full time/part Time). However, the conventional education system has many drawbacks and lot of improvements are expected in future days. One of the possible developments in next generation education system is online education. In this paper, we have discussed the online education system as next generation education system and impact of the online education system in higher education on the development of science & society. The types of online education models and their importance are discussed. The advantages, benefits, constraints and disadvantages of online education systems are discussed. The features some of the online portals are studied by considering some of the important online education models e.g., edX, Alison, NPTEL, and UZity as case examples. Finally, the online education system is compared with a hypothetical system called "Ideal education system