The idea sounds noble, in that, if such mentorship program is used in the right spirit, it could have a very positive impact on the youth's education and professional development. This sounds good on paper but I see potentially big downside with abuses. As a slightly related example, you could just look at the plight of illegal or early immigrants who end up working at below-market below-minimum wage jobs. If there are no laws to prevent such abuse of interns, people (read "market") would figure out a way to do just that. Such programs would help only in hands of right mentors.
I also tend to disagree on the notion of 35K a year wasted on college. College is much more education than education about a profession. It teaches kids social interaction, and gives them lifetime friends.
Edit: Corrected grammar.