New Fellowship Pays For College Kids To Drop Out

Michele Norris talks with entrepreneur Peter Thiel about his foundation's latest endeavor: a fellowship that encourages young people with big ideas to drop out of college and pursue their dreams. The "Twenty Under Twenty" fellowship provides $100,000 over a two-year period to each of the recipients. Their projects range from technological advances to new educational ideas. Thiel suggests that higher education is over valued. And he argues that sometimes the university setting is actually an obstacle to innovation. Thiel is a co-founder of Pay Pal and an early investor in Facebook.