Shouldn't "self-education" be rewarded?

For instance: If one chooses to byp college (for whatever purpose, possibly to avoid financial burden, or doesn't have confidence in public education) and instead "self educates". Shouldn't that person be awarded a diploma for on the basis of his knowledge? If, instead of going to college, you go to, say, the library, and read the same books (at least books distributing the same ideas), why shouldn't you get a degree a college student would get? I contend, if a self educated person is denied recognition (e.i diploma) then our education is not based on "education". Think about this, not as a education issue but as common sense issue, if someone doesn't go to college but acquires equivalent (or more) knowledge that is expected from a student, then why should that person also get a diploma? Why can't there be such a thing as diplomas for self education? If the US wants to fix the education system, we need to get serious and think outside of the age old box.