Another option would be to go to a community college that has a flight program and get your Associates degree in an aviation field along with your ratings (Pvt thru CFII & MEI) and then transfer to a 4-year university and get your Bachelor's degree in something unlrelated to aviation for a fall-back plan.

I will be starting at Aims Community College in Greeley, CO this summer, using Post 9/11 GI Bill benefits to earn my helicopter ratings (they also have a Professional Pilot - Airplane track and an ATC track). I already have most of my fixed wing ratings and I'm getting my instructor ratings on the side. The GI Bill will cover all of my flight costs and I will only use 2 years of my GI Bill benefits. Remember, once you get your instructor ratings, you will likely have to teach for a while anyway. You could instruct to earn some cash while working on your Bachelor's. I had to give up my Ch. 30 GI Bill in order to receive the Post 9/11 benefits, but it is a MUCH better deal. Just something to consider.