It depends - there is no universal answer. However, here are some things to consider.
You can reliably get into entry-level IT with certifications and self-study. This has a lower cost than college for many areas of the world (especially the USA) and allows you to break into tech faster, then work your way up. That may carry substantially less risk for you financially and enables you to capitalize early on the most-prized asset for most professionals: experience. However, going into security roles through IT takes time - it usually takes several years for people starting without prior professional tech experience to get to a security analyst role or similar.
Other areas within security, such as risk, software security, etc., will share many relevant concepts with your IT/IT Security experience, but will not benefit as directly from that experience. So depending on the area within security you want to get to, getting a college degree (typically, a Bachelor's) in Computer Science, Software Engineering, Cybersecurity, or others can be advantageous. These may allow you to pivot to specific areas within security in less time by getting more directly applicable experience - such as getting a Computer Science degree, and moving directly towards software or software security - but comes with substantially more risk. If you fail to break in after your college career, such as due to program deficiencies, regional or global recessions, etc., you may have little to show for your time spent in college or a growing debt.
If all of this has made you unsure, that's probably a good thing. You should evaluate what the right option is for you:
- What goals and environment will allow you to succeed?
- Would you use clubs and social activities in a college setting to maximize your learning potential?
- Are best able to complete work when it's on your own pace or individually?
- Do you need structured coursework to succeed?
- What is possible with your current financial outlook and plans?
- What is your tolerance for risk?
Also, review the available information on the rest of this wiki. We have many resources which can help you get informed about specific certifications, choosing a college, and more.
If you are still struggling to make the decision, I would recommend this article on how to make big decisions, and perhaps ask mentors to share their personal experiences on the Mentorship Monday thread.