Easy decision, use the GI Bill and go to a two year college.
I am an Air Force veteran who retired early through TERA and wanted to start a 2nd career as a pilot. When I was researching how to get my ratings, the post 9/11 GI bill with an Associated in Aeronautics was the best choice. I went this route despite already having a Masters degree.
Having an Associates Degree in Aeronautics did nothing for me except two things:
1. Got all my ratings paid for and a housing allowance to boot.
2. Got me a reduced ATP of 1250.
Since I already had a degree, all my Gen Eds were waived and all I had to do was take the Aeronautics courses and fly. It took me about a year and a half to go from Private pilot (I already had that when I started) to CFI/MEI.
Sure, maybe I could have finished a few month earlier going to one of those "accelerated" programs, but now I have no debt and a reduced ATP. Also I feel I got better training, better education on flying, and made better friends in a college environment. Ohh yeah, the fact I was just north of 40 made no difference. It was still a great experience, and I wasn't even the oldest guy in the Aeronautics program.
You want to know what is really funny? I work with an instructor who did the "accelerated" program at Aeroism and paid his own way. He was supposed to finish under a year, but with weather cancellations, maintenance issues, and instructor availability it took him over a year, almost as long as I did to get all his ratings.