I just finished a second Bachelor's degree through a completely online program. The library was also online, where I had access to almost any journal articled I could want, through a hundred different databases. I could browse them from my desk and choose the ones I thought were relevent, then download them and print them if I wanted.
If I had had to look through shelves of books for the proper article, papers would have taken much longer to write. The library also had books you could borrow electronically and physical books they would send you, but the online thing was DA BOMB.
Now, for leisure reading, I like books, but I'm entertaining the idea of an ebook reader, mostly because I don't like to get rid of books, and have very limited space in my tiny home. I DO re-read occasionally.
I think the wiping out of their entire collection is premature. First of all Harry Potter isn't even AVAILABLE as an ebook and probably never will be. I'm sure there are tons of other books also not available in that format.
Then again, if you're able to afford to send your child to Prep school, you can probably afford to go to the bookstore if there's something you really need.