One argument I hear a lot is that self taught programmers can teach themselves the theoretical stuff later on their own. As you mentioned, one problem is that

One argument I hear a lot is that self taught programmers can teach themselves the theoretical stuff later on their own. As you mentioned, one problem is that you wont have the direction. I think some other problems that are often overlooked is that you wont have the drive, or the time. When you're in college, learning is your full time job. You have deadlines and requirements for that learning. All of your time is dedicated to it. If you try to teach yourself these things while working, are you really going to be as dedicated to it as a student can be? In practice, I don't see this happening. Another complaint is that you're not learning the applied skills you'll need in the industry. My view on that is that you have your entire life to work and learn the tools of the trade. You only have one real chance to go to college and learn the theoretical stuff. If you're burnt out on school, by all means, take a few years off, see how the working life is, save some money. But before long you'll have more responsibilities, maybe a family, and no time. The longer you wait, the harder you'll have to work to go back to college.