60 Minutes did a story on billionaire entrepreneur venture capitalist Peter Thiel, who's paying selected college students $100,000 to drop out and pursue their entrepreneurial dreams. For a handful of students, this surely makes sense, but as an overall message it's extremely dangerous. I agree with this professor who was also interviewed:

His uncompromising belief in low taxes and minimal government has made him a libertarian cult hero.

Professor Wadhwa says Thiel's billions have clouded his thinking.

Vivek Wadhwa: Peter Thiel has made so much money that he's out of touch with the real world. He doesn't meet common people. He doesn't understand their needs. He doesn't understand how important education is for the masses. You can take 24 children and make them successful by giving them on the job training. But that's not a lesson for the rest of America. What I worry about is a message that's getting out there to America that it's okay to drop out of school -- that you don't have to get college. Absolutely dead wrong.

Here's a summary and you can watch it at: www.cbsnews.com/video/watch/?id=7409142n

One of the wealthiest, best-educated American entrepreneurs, Peter Thiel, isn't convinced college is worth the cost. With only half of recent U.S. college graduates in full-time jobs, and student loans now at $1 trillion, Thiel has come up with his own small-scale solution: pay a couple dozen of the nation's most promising students $100,000 to walk away from college and pursue their passions. Morley Safer takes a look at Thiel's critique of college.

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May 20, 2012 7:02 PM

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Dropping out: Is college worth the cost?

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Students with promising ideas are paid $100,000 to drop out of college and become entrepreneurs in a controversial program founded by billionaire Peter Thiel. Morley Safer reports.

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Dropping out: Is college worth the cost?

Meet the kids who were paid to drop out

Supporting Ron Paul

(CBS News) One of the wealthiest, best-educated American entrepreneurs, Peter Thiel, isn't convinced college is worth the cost. With only half of recent U.S. college graduates in full-time jobs, and student loans now at $1 trillion, Thiel has come up with his own small-scale solution: pay a couple dozen of the nation's most promising students $100,000 to walk away from college and pursue their passions. Morley Safer takes a look at Thiel's critique of college.

The following script is from "Dropping Out" which originally aired on May 20, 2012. Morley Safer is the correspondent. Katy Textor, producer.

These are the days in May, when young men and women are capped and gowned -- their hands clutching diplomas, their ears tuned to some wise person telling them, "You are the future." For many, deep in debt with few prospects, that future looks pretty bleak.