hmmm... difficult choices indeed...
If it can help you here is my experience :
I went to Mohawk College in Hamilton (Fennel Campus). It was a good experience but it was also a long and hard program : 3.5 years. fortunately it was coop and with a few alternative income sources and the fact I was still living with parents made it possible for me to pay for the full time course all of it myself without borrowing money. This was a good thing but many things converged very fast when I had to choose and ended up making the wrong choice, I never ended up working in that field at all. All is not lost, the things I learned still carry with me this day and it remains a good learning experience nonetheless.
I wandered for a few years gathering different life experiences. Though it was fun and very shaping for my character it did little to pay the rent so I eventually faced a choice similar to yours today.
I choose University, but a short program at first, just to try, then later moving to full blown engineering degree. Again the learning experiences were extraordinary and to a much higher degree in both quality and quantity than the similar length college course I earlier took. It is in University I truly discovered programming and decided I would make a career of it. Only from this point I realized I was pretty much waiting my time with the rest before that.
Although the university program I was taking (École de technologie Supérieur in Montréal) was also coop the previous years of wandering and the growing family I was now head of meant I had to find financial resources to keep going. This was a very bad thing...
In conclusion to this story, The advantages of being an engineer vs a technician are undeniable on all levels. However the debt I cumulated as I was the sole provider for he family all this time, made life very difficult. It took a solid 10 years and incredible opportunism and luck to finally enjoy the higher salary.
I do not sure about your situation but the choice pretty much depends on what you want to do with it later. University will make you into a much more versatile and will enable a much easier path to higher positions and challenges. But the road there is equally much harder.
College on the other hand can give you quick access to a body of knowledge and will allow you to capitalize our investment much more faster. But you risk hitting your limits (personal or corporate) faster. A good option for College is to go for highly specialized training. A good Systems interfacing technician (SAP, JDEdwards, HL7, DICOM etc) can fetch salaries equivalent to that of a software engineer. You will not be as flexible but you can make a very honest living and the possibilities for the future are bright as our world is moving ever faster towards interconnection of systems.
An alternative middle ground could be to graduate university with the cumulative of smaller certificates. Some universities allow this sort of things, it may take a tad bit longer but should you choose to leave early before the end for whatever reasons you still have the certificates finished to date. Another advantage is that you could be able to get certificates from different universities. The GTA is rich with good programs and you can capitalize from the speciality of each university. The end result may not be as glamorous because you may not get the title of engineer but as a recruiter I would be very interested in the profile of someone who knew exactly what they wanted and went out and got it.
I hope this helps, Having been there I know how you feel now.
I wish you the best of luck