PayPal Founder Will Pay Kids to Drop Out of School

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    Peter Thiel at Singularity Summit. Photo: Singularity Summit on Flickr

    Meg Whitman may have a plan for education in California but if high schoolers could vote in the upcoming election odds are their money would be on PayPal co-founder Peter Thiel.

    That's because the 42-year-old billionaire is putting his money on 20 kids who promise to quit school to pursue their dreams.

    Thiel calls it his "stopping out of school" program because he believes higher education properly trains would-be dreamers for entrepreneurial success.

    At the ripe old age of 31, Thiel sold PayPal to Whitman's eBay for $1.5 billion and he later invested in Facebook when people were still on Friendster.

    The odd thing is, Thiel is not a high school dropout or even a college dropout. Hell he isn't even a grad school dropout. He has a B.A. in Philosophy from Stanford, where he also earned his J.D.

    He was once a teacher at the Stanford Law School as well, which may have given him some insight into the system. Regardless Thiel is offering 20 students, under 20-years-old, up to $100,000 to drop out of school, or at least put education on hold, to work on their business ideas.