I think you have to ask yourself, "Where will I be in four years in both of these scenarios?" If you choose college, you'll have a degree, some book knowledge, and some debt. If you choose to work, you'll have four years of experience and some money in the bank.
I'd argue that four years of experience trumps the four years of book learning, and that the debt vs. savings issue is secondary, (but of course points towards getting a job now).
So I would suggest you try to find a job rather than go to college.
This is a false dichotomy. I worked summers and part-time during the school year, my entire time in college. I had graduated with no debt, 4 years of book learning and 4 years of XP. Most of my fellow C-S students had internships paying $15-20/hr by their sophomore year, and almost all that wanted them by their junior year.
This is not to mention that outside of the coasts, unless you are freelancing or starting a startup, people hiring developers often require a degree (at least in hires with less 10 years XP).
I'd argue that four years of experience trumps the four years of book learning, and that the debt vs. savings issue is secondary, (but of course points towards getting a job now).
So I would suggest you try to find a job rather than go to college.