I've known people who've tried this -- not to this extent.
I think sports is the most common vehicle. Parents get the idea that private lessons and playing on a traveling team /club team is an automatic promise of at least a college scholarship. Too many don't get the idea of big-fish-little-pond; that is, your kid might be starting QB in high school, but we have 7-8 of those just in our county.
It's probably easier to get a scholarship in golf, tennis, equestrian, volleyball, or something where the pond is smaller but there's still money being handed out.
Dollar for dollar, though, I'd guess that the money spent on traveling teams and private lessons would could often pay for a kiddo's education if it was invested intelligently.
Funny -- I had this very conversation with one of my students just today. She's on the girls' golf team -- it's a four-person team. High school girls just don't play golf. She told me that she only started playing a year or two ago, and she said she did it for two reasons: 1) to spend time with her dad. 2) because it's one of the easier ways for a girl to qualify for a scholarship. She doesn't love the game, but I say that's a girl with her head screwed on straight.
I totally agree about the money spent on sports, but I know SO MANY parents who are sure that their kids are going to make it big. I've taught kids who've won full-ride scholarships, and I've taught a few kids who've gone on to play professional sports. Hint: If this is your kid, he's not the one making Varsity as a sophomore. He's the one who already IS the team as an 8th grader -- he plays Varsity as a freshman -- colleges are already courting him as a sophomore.
Also, so many parents don't realize that you have to know how "to play the game" when it comes to scholarships. If you're not in the clearing house, you're not going to get any serious interest from colleges. It's a business, and
just being good isn't enough.
Completely different thought:
I'm thinking about something I heard a teenager say at church some time back. She said something to the effect of,
"Everyone wants the American dream -- you know, to be rich and famous." Huh? I thought the American dream was a white picket fence house with 2.5 children inside and a car of your own in the driveway -- you know, middle class success. Yet I do think the dream has "evolved" for today's youth into wealth and fame. No wonder people are dissatisfied!