You also only live once, so do what makes you happy. But, keep in mind an education will benefit you immensely if you get hurt and need a fall back career. I think the ideal would be being a working student while attending college so you can further both educations.
If you're looking into riding and training, then working student is better for you.
If you're looking into other things that require a large working knowledge of horses (scientifically speaking), college is better.
I have done both, and they both have helped my skills a rounds horse. If you do the working student, work for more than one barn (not at the same time) to learn more than one way to do things.
I'm thinking about this one right now too. I think that you need to take risks and take your chances while your young. Riding takes time. But with school, it's always available. Take the road that challenges you the most with the biggest rewards. :)