It depends on your dreams and goals. If you want to be a surgeon you must go to college. If you want to be an entrepreneur you don't necessarily need to go to college. You could spend those money to get the proper education from all kind of courses and even launch a business.
So do a map with the starting point being where you are and the lifestyle you want to achieve being the end point. If you need college to arrive at your end goal, than yes, it is worth it.
I have been following this topic and I just love your own concept about it. School should not be condemned straight away. Although school is not the ladder to success it is a step on the ladder and if you think you can get the future you so want you can skip that step if not its better you go to school.