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MIT And Harvard Debut New Online Education Platform04:12
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On Wednesday, the presidents of Harvard and MIT announced a $60 million joint initiative to create an online education platform they've dubbed edX.

"Video lesson segments will be complemented by embedded quizzes and online laboratories as well as opportunities to engage with the instructor and with classmates," Harvard President Drew Faust said of the new program at a press conference Wednesday.

People can already earn certificates for completing free online courses using MIT's MITx platform. The edX courses will also offer certificates but no official credit.

MIT President Susan Hockfield says the schools are looking to stay competitive as education models change.

"You can choose to view this era as one of threatening change and unsettling volatility," Hockfield said, "or you can see it as a moment charged with the most exciting possibilities presented to educators in our lifetimes."

EdX courses are scheduled be up online beginning in Fall 2012.

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This segment aired on May 2, 2012.

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