Rhet, I've been thinking of this as a possible blog subject, but your thread prompted me to go ahead and see about getting a few random thoughts together.
My position is that the local assembly of gathered believers is the primary and best educational institution for BELIEVERS in spiritual and religious matters. I also want to note I believe the home is a primary educational institution. But it differs in not being solely for believers, but for all persons. I have certain presuppositions that I don't intend to go into in detail. But they do undergrid what I am about to write. Most will probably agree with most of them, though not all. They are: (1). The Inspiration of Scripture -- all scripture is given by God and is therefore the place we find our instructions for education. (2). The Great Commission -- the Great Commission of Matthew 28:18-20 is a command to be fulfilled by local assemblies of believers. (3). The local church is by nature and purpose a gathering of baptized saints committed to carrying out the work of Christ. (4). Consistent New Testament practices are authoritative. Jesus commanded the apostles to teach all things He had commanded them, and they taught the disciples in the churches to follow commands and traditions they handed down. (5). The churches should be served by a plurality of elders.
Studying the scriptures exhibits nobility (Acts 17:11) and approves us unto God (II Tim. 2:15). The purpose of religious education is maturation of the saints that they might engage in ministry, be built up as a body with the goal of unity of the faith and knowledge of Christ (Eph. 4:7-16).
I believe in "church-based" education because it utilizes the institution Jesus built and follows the example of the apostles. In New Testament times, elders received training in and by the local church, the apostles came to the local church, or they traveled with the apostles and assisted them (Acts 11:22-26; 13:1ff.; 14:21-23; 18:2,5,18; 19:8-10; II Tim 4:20; Heb. 6:1,2). All of these examples relate more to mentoring, apprenticeship, or on-the-job training models.
I believe in "church-based" education because it best recognizes the giftedness of ALL the body. Some models of education are designed with preachers (that is, ministers as professionals) in mind. Yet the New Testament teaches that all of the body should be trained and equipped for the ministry, and that all the body has gifts for ministry. Training for the ministry is not of greater importance than training for "ministry". A sincere effort to equip all the body begins and ends on the local church level.
I believe in "church-based" education because it offers the best system of "integrated" education with the Lord's basic institution –- the home. In the church, discipleship, ministry experience, and scholarship are integrated -- not only with one another, but with marriage, home life, child rearing, teaching the children, and in a body that is vitally consumed (or at least should be) with the "whole man" minister.
I believe in "church-based" education because it does not remove the gift of the "preacher-in-training" from benefitting his church, and it does not remove the church from blessing the "preacher-in-training". The young elder/novice remains involved with the congregation and families where God has placed him. Further, with plural elders he is not thrown into pastoring alone without the skills to do so, and he is not expected to be THE ONE MAN who knows all and does all.
I believe in "church-based" education because the New Testament indicates the churches are equipped to train their ministers. If churches are not fully equipped to train their ministers, and if seminaries are sincere in their desire to best promote the work of God, let them work themselves out of a job by equipping churches to become able to educate their own people, rather than keeping churches dependent upon them.
In the local church, we never finish our education and never receive a degree. In addition to theology and hermeneutics, we learn necessary lessons of interdependence, inter-relatedness, self-denial, longsuffering, meekness, kindness, and love. Instead of pre-designed degrees from which to choose, each "course" can be specially adapted with the particular individual student in mind.
"Every church was then a seminary, in which provision and preparation was made, not only for the continuation of Gospel preaching, but for the calling and gathering, and teaching of our churches." John Owen, Commentary on Hebrews, Vol. 3, p. 568.
According to R. Paul Stevens (I don't know who he is, I just like what he says), "The best structure for equipping every Christian is already in place. It predates the seminary and the weekend seminar and will outlast both. In the New Testament no other nurturing and equipping is offered than the local church. In the New Testament church, as in the ministry of Jesus, people learned in the furnace of life, in a relational, living, working and ministering context."