So What Do I Think?
To repeat, this is a personal decision based on your particular circumstances. Yet I think, as with so many life questions, that the answer is balance. Take what is good from both methods.
Being immersed in an educational environment is good for you, especially if you are a younger student. Being surrounded by people smarter than and different from you is positive. Learning to interact with other real humans is a skill that is in danger of slipping away. For those reasons, a traditional education is still a powerful experience.
Yet we no longer sit at home and say, “I'm waiting for a phone call." We also should be able to attend a lecture on our own time. Ongoing education for our workforce has never been more important. Learn at your pace, be it fast or slow. Study between shifts or when your children are sleeping, if that fits your schedule best.
If I had to do it again, I would go with a blended approach. I would want to live on or near campus but would take prerequisite courses online. I would craft an in-person class schedule that would allow me freedom to live and would likely complete my online courses at the end of a trail somewhere.
Working on this article, I have decided I should identify the gaps in my education. Going to school in the nineties left me unprepared for aspects of this century. I am going to sniff around online for means to make myself into a smarter businessman.
Good luck with your hunt for knowledge.