The kid will land on his feet. He's not barred from going to college - he's barred from attending Harvard. There are any number of other universities that would be happy to have a student of his caliber. Schools that don't have the luxury of turning down 95% of their applicants, like Harvard and other Ivys do.
If he isn't a true racist at his core, this sucks for him, but the fact remains, that he said what he said, and he is paying for it. He will learn a valuable lesson from this. Probably as important a lesson as anything he'll learn over the next 4 years in school.
He'll be making bank in 10 years either way. Don't feel too sorry for him.