Bachelor's is preferred, however, there are exceptions. But, those exceptions are usually tied up around skill of the person.

I don't think in the end your success is going to depend on  your education. I think most companies are going to be more interested in what you can do rather than your academic history. Having something to show you are able to do the job is a lot more interesting to employers, like projects you've worked on or any shipped games you were involved in.

Anything to show your commitment and passion for the work will help. Communication skills is also essential, not everyone realizes how important the impression you make on others is

Community college is usually better than an online school.

If you want to be the one calling the shots, then yes, you need to found your own company (with or without partners).  

You also need to be good at something to garner the respect for people to follow you. Almost any field in game design will do, (except audio).

I like to say, in order for a project to be successful you need solid leadership in art, code, and administration. Pick one and stick with it.