Billionaire investor Peter Thiel.
Peter Thiel's plan to pay college students to develop their promising concepts instead of attending to school is attracting students as well as critics.
Best known as a co-founder of PayPal, the Silicon Valley investor and entrepreneur has also made early stage investments in companies such as Facebook, LinkedIn, and Yelp. Now he's investing in college students, awarding fellowships of $100,000 each to youth under 20 years old, essentially encouraging them to drop out of college to become entrepreneurs.
In an interview scheduled to appear on tonight's "60 Minutes," Thiel tells Morley Safer that his program is a viable alternative to what he sees as a largely ineffective university system where costs far outweigh benefits.
"We have a bubble in education, like we had a bubble in housing...everybody believed you had to have a house, they'd pay whatever it took," says Thiel. "Today, everybody believes that we need to go to college, and people will pay -- whatever it takes."
He also notes that a college degree is not necessary to land a high-paying job.
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