BS”D
Most American Gedolim do not say “college is Assur” (EY is a different animal). That is not even the question posed.
The question here is if a bachur, who for whatever reason, feels he is unable to balance college and Learning Torah, should he go to college and allow his learning to suffer.
I don’t see why he should go, if he and his non-Nogaih Rov (such as a family Rov, not the one whose yeshiva he would like to join) think college is not an option. As long as he is willing to live with that choice (don’t cry five years down the road that you don’t have a car, blackberry, etc. because you can’t afford it), he should go for it if he feels it is correct.
Also the idea that there can be no free time at all is foreign to learning. One of the 48 things that Torah is Nikneis is “Ma’at Sicha” (limited light conversation) Which the Stiepler said means at least ten minutes of Battala every day, and I have heard up to half an hour.