Similar story. Graduated HS, went to college for a year (read: waste of Mom and Dad's money for a year).
11 years later, including military service, several jobs, 2 years of Community College, and a whole lot of maturing, I finally graduate with a decent GPA. (Like Klondike Bear, I did OK)

In the interview, they didn't seem to care that it took me that long. They asked me what I learned from each of the decisions I made, and about the experiences that made me who I was that day. It's evaluating the whole person, not just your screw ups.