What about a CS student who gets a full-time job offer as a sophomore? Why stick around and pay for school if you can instead be paid to get more valuable real world experience.
I got out of high school and got my first programmer/sysadmin job in '97 or so. (I had a few years of cable monkey and hardware/windows work in high school.) - But that was almost entirely timing; The minimum requirements in '97 were really low, due to the dot-com bubble; Pure luck, really. But then I was able to learn enough that I made the cut when the minimum requirements went way up after the crash. (There is no way I would have made that cut right out of highschool.)
If I had gone to college... well, it was really, really hard to find a job in my field with no experience, four years after '97. Maybe I would have learned enough in school to make the cut, maybe not. Maybe I would have been able to convince an employer that I was that good without paid work experience, maybe not[1].
Also, if someone else is paying for school? that's a big opportunity there, too, and it's possible that opportunity might not be there in a few years. (Is it a bigger opportunity than a job in the field you want? I don't know.)
But that's how I'd look at it.
[1] As a sidenote... if you are badass enough to go to school and have a job/internship in your field at the same time? that's best of all. Many of the best people I know did that. It's really difficult to pull off, though. I don't think I have what it takes to pull that off, not without stretching the school over 8+ years.