That's the same thought I had. And I agree with you about steering him towards graduate school. I'm one of those wierdos who, if I could afford it, could probably have spent my whole life in academe.
OTOH, had I done that I may never have become a Freeper! ;-)
You have to figure out how to get paid for going to school - find the right major. I have a full ride, plus 2 additional scholarships for a PhD (this is after a career as a lawyer). I'd be broke if I was a history major, but in a tech-related field, they throw the money at me. I am one of those people who enjoy school and figured out a way to stay in academe and get paid for it.
Being a doctoral student also gives me plenty of FReeping time!