I'm of the impression, that for the most part, college is about networking. The material is a side benefit that you could pick up on your own. It feels like he picked up on that(joining the fraternity) and decided the rest wasn't worth the debt.
How on earth did you end up with that impression? While it's true that it's possible to pick up the material on your own, it's the rare individual (I know one) who is actually able to do so completely--and I think this particular guy would say that he would have been much better off had he studied it in school. Teaching yourself CS (and by "CS" I definitely don't mean "building a website in PHP") is really, really hard, and learning it from an expert (in college we call them "professors") is a much more efficient way to go about it unless you're so overwhelmingly brilliant that it's easy for you.