As you peeps have pointed out, 400k is ridiculous. I go to an expensive private college, and it's on the order of 120 for 4 years (though it's actually a 5-year school).

And if his kids are really entrepreneurial, as he claims, then they'll have the motivation to apply for scholarships like I did. I have received absolutely no financial help from my parents, and yet have accumulated very little debt.

I have learned most of my knowledge by teaching myself, and generally goof off during class if I even go (and no, that doesn't put me into the B group). But I've also been exposed to an incredible variety of people and built a huge network of friends and acquaintances in almost every industry.

Another point he seems to be missing is that to make a Facebook or Myspace app go viral, you need an initial network of users, typically your own friends. I hope his kids have fun trying to promote their app to all their high school friends who have gone off to college and lost contact.

I think what makes me most upset about this article, though, is that he's not using his views to make his own decisions, he's using them to make his kids' decisions. I feel really bad for his kids.