You might consider visiting the University of Central Missouri. They have a larger flight program that SLU or any other college nearby. I started the flight program there, got my instrument rating, and then changed majors. A couple years later I wanted back in aviation, and I'm doing the FBO route now.
The advantage of the college flight school is that it is a part 141 school, which means thay can get you certified with lower minimum hour requirements. If I remember correctly, private at 35, instrument at 80, and commercial at 180 instead of 250 hours for commercial at the part 61 schools (most local airport schools). When you finish your instructor rating, you will have the opportunity to build hours by instructing students between classes since most colleges give everybody that takes the instructor classes a job up passing. In Warrensburg, it was reasonable to expect to be an instructor by the time you were a senior, and depending on how the industry is at the time, you can stick around and instruct after you graduate if you still need more hours.
I agree that loans suck, but the student loans you get through your college have lower interest rates than ones you can get to train at an FBO, so if you plan on borrowing money for flight school, do it through a college.
MU doesn't have a flight school, but you could take lessons at the airport 15 minutes south of campus. I'm not sure if you they have planes there for multi engine or complex aircraft training thouth. Also, UCM is a little cheaper that MU.
I hope this helps.