As far as I can tell you don't need an official transcript from an accredited school to get into college. We are homeschooling our kids and what I've read is that homeschoolers write their own transcript, the kids themselves write it, and they describe what they've accomplished and learned during their schooling career and admission depts in colleges tend to favor these kids over traditionally schooled kids.

I'm guessing that a traditionally schooled kid could just do the same. Especially since there's so much that they are probably learning outside of school. It would be a shame to ignore all of those skills and knowledge just because they weren't taught during the hours of 8 and 3, M-F.