I think the valuable skills one develops by going to college go far beyond knowledge in a specific field. Ideally, college education is not about learning a trade, it is meant to develop well-rounded individuals, who have developed critical thinking abilities and skills.
In addition, in college, a lot of people learn a lot about themselves, life, their ability. It's a time when they can develop their interests, personal skills, and set the foundation for their ambition, dreams, goals, and visions for their lives.
I am not saying that you have to go to college in order to accomplish all this or to be ambitious or have great vision, or even to make money... In fact, I personally know someone who dropped out of high school, who is the most incredible person I know... and he is a millionaire today.
The point is, he is successful because he was ambitious, driven, motivated, and always learning... his lack of education never stopped him from being successful.
Sorry I babbled slightly off-topic... but West, from my personal experience, grad school is hard as it is, and it would be even harder if you aren't really into it.
If I were you, I would tell people that I want to focus my efforts on my websites, and when you I am generating a lot of profit from it, I would go back and pay for school by my internet revenue
