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Nice idea but it's nothing new. "Blowing the wad" of your parents cash and going into debt isn't such a great thing when it's over with either. Debt is a form of slavery if you really think about it. Avoid it at all costs! (nice pun).
I'd suggest... pick out a short-term learning program aimed at a specific job that you can do anywhere in the world. Hairdressing, cooking and bartending are just a few examples but there's plenty more. The key point is that you can get the training and into a job in less time than college will take, plus you'll have some skills to take on the road with you. After you've worked at least 6 months to develop some noticable skill...
Then you go travelling and learn about life. I met a couple from Australia that were travelling all through Europe and working as they went. They'd show up at each hostel and announce that they'd cut hair for $5 and make enough for their stay. They did pretty well from what I saw over a span of about a week in Greece. Eventually you'll burn out on that lifestyle and want regular sex and a nice car...
Then you can come back and go to College and get the degree for a "real" career making the big bucks. Now is the time to invest in an education because maybe you'll know what you want to do. Use your "back-up" career to help finance your college education besides the dreaded loans; cut hair at night and tell stories of your amazing adventures...
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