"Colleges won’t accept foreign language credit if you used Rosetta Stone."
"Colleges don’t accept Latin as a foreign language, since it’s not spoken anymore."
"You have to take an SAT subject test for foreign language to get into a college."
Like many things with college admission, requirements depend on which college you’re asking! Some colleges DO require foreign language to be from a list of currently-spoken languages. But not all! There might be a college out there that has some kind of bias against Rosetta Stone. But not all! And I do know that some schools require SAT subject tests for foreign language. But not all!
It all depends on the college you want to go to. Most take any curriculum, and only care about results. A few colleges have specific rules about foreign language, like you have to have a test, or not use certain curriculum. Some colleges want only modern spoken languages, not Latin, Biblical Greek or Hebrew. Other colleges will take any language, even American Sign Language. I heard that one college even accepted Klingon, haha! Some colleges require a placement in a foreign language, like an SAT Subject Test, AP or CLEP. Other colleges would like to see a thorough course description. Basically, it's really hard to tell what colleges want, since they all seem to want something different!
So my advice is this:
1. Try to get information on the colleges you are interested in.
2. Teach foreign language in a way that makes sense for your child.
3. If necessary, you can always have your child take a test in foreign language to prove they have achieved mastery.
For more great ideas about teaching foreign language, see How to Have Fun with Foreign Language .