We've needed to restructure the college system for a long time now. It's moved far from it's original goals as being specialized for a small subset of the population while everyone else received a high-school diploma, learned on the job skills and did rather fine for themselves. Unfortunately, there are too many people who benefit from the current system in order to rework it and the rapid change of a system usually causes a lot of chaos.
However, I see no reason why we need 12 grades of school. In the European countries, they only have 10 and they seem to do alright. Add in two-years of some type of advanced English, Psychology and classes for a concentration of choice and students can be well-educated by age 18 to go into the workforce. It will require them to gain knowledge through searching and an auto-didactic method rather than being spoonfed, but if they don't learn that skill now, then when?