Before you spend 75K on college you need to determine what you expect to get out of it. If you simply want to design electrical systems and never want to own your own firm, you do not need to be a PE, which means you don't necessarily need a college degree.
If you can find a place that will take you and will teach you design work you may be able to start designing much sooner. You would need to know drafting in order to take this route. You could take night classes at a junior college/tech school for drafting. Once you are proficient in drafting then you could apply at the engineering firms as a designer/drafter. With your past experience of installation you should be able to catch on rather fast and get more responsibility. Piping design for building systems seems to always be done by the liberal arts grad. Only know of one PE guy that does plumbing in the Chicago area. (Good thing this is an electrical board so I wont get every PE plumbing guy writing in telling me i am crazy.)
If you go to college you will be forced to take a lot of classes that have nothing to do with EE. Especially the first 2 years. And I am not talking about the calculus that you will seldom use in this profession, but more about the Psychology, History, etc. classes that you have to get through. Yeah I know they make you more well rounded (but I eat plenty of Doritos now to make me more well rounded).
My whole point is that you have to figure out exactly what your goal is. It may or may not require a PE and/or a college education to accomplish. In the chicago area the Electric Association offers classes on electrical theory and drafting that would be helpful. 5 years of experience in real design is really worth more than the college education (and the 75K of college expense, plus the 5 years worth of salary that you lost) if you don't need to be a PE.
If you do want to be a PE. Definitely do the EIT test in college. I felt so sorry for those people that took the PE test on Friday and had to go back on Saturday to take the FE/EIT. My backside was so sore from the bad chairs that they provided that I doubt I could have sat for the second days test. Take a pillow with to sit on. Clear packing tape to put over the plywood table to make it smooth is good also.
I don't know how you would ever make up the 75K for college plus 5 years salary in your lifetime. Electricians in this area make as much as many engineers. And you wont have any engineering experience so you wont start out at top pay. You may just want to work 5 more years as an EC and retire to the bahamas early. They probably let anybody do engineering down there. Although you probably would not be able to handle the unsafe conditions you would run across in a third world country.
I guess I better stop ranting. Somebody else may have something actually important to say.