He's not saying this is the only reason; hence him saying "MANY MANY...."
However, you DO save money at WP.
Although it is not what the Academies look for, there are plenty of students who attend these Academies because they are virtually free. This is also one of the thing that attracts the mass students that the Academies do: a tuition free education in return for roughly 5+ years of military service.
Could somebody attend an Academy solely to get their college paid for, and then enter a relatively low action career field on the other side? Absolutely. Again, not what the Academies are looking for, but I can assure you that it happens.
Not why I am trying to attend, but you have to realize that not everyone who goes to the Academy is a die hard potential career military officer. It happens.