I'm a sys admin too, just one with a CS degree. I don't think you need a degree to do well but it certainly does help. You were right in that many companies have strict education requirements. It may not limit you now at a younger age but once you are in your 30's or above and you start to be considered for management that's when the education requirements really kick in. In many cases you may be in line for the management position but they simply cannot hire you due to internal policy. That royally sucks. It's a reason why many CS classes are occupied with older students, they are coming back due to that limitation.

You're only young once. College is fun, especially if you go to a big school and live on or near campus. Yes it's expensive and a lot of potential income is lost but the experiences you can have are really priceless. I say can have instead of will have because it's what you make of it. If you go and are a hermit you will have some good times but not the full package.

Some people like myself didn't come from families who could afford college. I had to take loans. Some people who took loans hate paying them back and regret going. I happened to get a good job out of it doing something I really enjoy (I get paid to play with linux all day). I don't mind paying off my loans. I am very grateful that I was able to take the loans and when I pay them I know it was for one hell of a good time. It really made me who I am today. I was challenged in class, met a few professors who changed how I learned, was exposed to all sorts of new ideas and met a bunch of friends who were actually smart. I found it well worth it.