1: The gemorah in Nedarim (and we Pasken Lehalacha) that you can be Yotze your Chiyuv of Limud Torah via reading Shema.
2: For what is a Talmud Chacham, see Keddushin 49B.
3: I don’t see the connection. Many people who are Tamidei Chachamim went to college.
In the case in point, the bochur is unable to learn with the distractions of learning a parnassah, so he should not go (as I said above).