In one week my first born turned 21 and I got to go to my first ever Moms weekend at WSU.
My son spent two years out here at the community college getting his AA degree.  Probably the best thing ever.  Not only did we save at least $30,000, but he worked and saved.  I am helping with his tuition but he is paying his living and all expenses associated with it on his own, without loans.  He is there with 4 of his best friends from Wenatchee, having the time of his life and doing really well in school.  He is majoring in a degree he found on his own, that couldn't fit him better and loving his classes.
Personally I feel two years at a University might be enough.  You are excited about this new chapter, you do well, make great friends and move on before any of it gets old.
My son received a quality education out here at the community college.  He learned the ropes in a smaller environment of meeting with advisers, registering for classes, and even how to pay.  He learned the expectations of the professors at a college level.  In the time he was there, a handful of his high school classmates showed up during the summer to retake a class they took at an University to get a better grade.  After paying one semester of his college I cannot imagine having to pay for a class twice.  My son was able to develop great relationships with his teachers at the community college because of the smaller class size.  Now with his AA he moved right into his major in his junior year, and because it is upper level the class sizes aren't so bad.

As for turning 21 and Moms weekend, I am not a big drinker but I loved every minute taking it in.  Seeing his new friends, as well as the amazing bond with his old friends.  Observing him as an adult, navigating life on his own.  It is such a beatiful thing.

I miss him, but I am so happy for where he is in his life.  My advice to parents is spend that money on taking memorable trips with your kids while they are home, take time off work to hang with them, give up going out at nights to stay home and watch movies.  My son and I have traveled the world together.  We've fallen in love with countries together. We've watched Goonies (my favorite movie) probably a dozen times and visited the goonie house. We've hiked all over the Henry M. Jackson Wilderness together.  I do not regret taking any time off or money spent on doing that with my son.  That was our time together, now it's his time.  His time to make new memories, travel with friends, live in different places.  Create his own life.  I would say after spending the weekend with him in his new home, he's off to a good start!