I read the discussion on a military-related forum and people had very different perspectives on the actual situation. The Academy isn't the only way in and most of the jobs don't pay that good until you are way further along.

That said, I had a neighbor who had two step kids, a boy and a girl, who both went through the Merchant Marine Academy and both have very lucrative careers going. The neighbor moved away, so I can't find out how well they are doing and it was about 10 years ago now... It worked for those kids (from the middle of the US).