<Snipped quote by Lord Wraith>
I think there would be other options for the students. There's always a need for support staff and the like. It's hard to see that there's either the option that you make it, or you get mind wiped.
Oh yes, I should have mentioned support staff roles and other support roles for the Justice League and Titans. Of course there are those who do go rogue.
It stands to reason that there would be several other options - other than the Titans for someone to join, such as Justice League Dark, Outsiders, Young Justice ( The Team.), A.R.G.U.S and so forth and so on. But I'd imagine that it's still a minority of students who actually do get to be sanctioned superheroes by the League. (Justice Foundation? Fuck do they call it all) I think the mind wiping would only be regarding the more sensitive information, such as secret identities, powers and weaknesses, etc.
Though, I must admit, it does put a nice little spin on the plot if those that aren't the creme of the crop would get brainwashed. Increase that competitive spirit a bit.
I personally like to hold to the idea that Young Justice is permanently dissolved. That said, I believe in there being the Teen Titans, Titans East and Titans West. The primary Teen Titans serve the primary purpose of the Young Justice team being a covert operative team and going international while the Titans East and West are limited to the States.
I don't believe that anyone would be put on a League Roster, America, Dark, Detroit etc straight after Graduation. There would need to be special circumstances. As for A.R.G.U.S, S.H.A.D.E. etc, I'm not overly familiar with how they operate but due to them being linked to the government, I assume they have a stand-off relationship with the League and as such don't directly recruit out of Corrigan but rather try to cherry pick candidates. Likewise I see the Outsiders as a sort of 'special operations' team that Batman or whomever only puts together when needed, not a standing roster.
Also, I feel I should re-iterate that no one gets their mind wiped (unless you do drop out) and even then I lean towards memory alteration more akin to Spryal's implants where faces become vague and names are lost. All their training and education stays in contact in the hopes that perhaps one day they might be ready.