I'm 21, I was in your position 4 years ago. I went to school out of state, only 1 state away, but it was over 500 miles and an 8 hour. I was pretty scared too, but let me tell you, I'm pretty satisfied with how the first couple years turned out, and it's still going good. There were some shitty times, but also a ton of amazing times that I will remember for the rest of my life. Here is a quick list of the pros and cons for me personally in the last few years since I moved out of my parents house:

Cons:

• Stress. Between 17 credits of some of the most difficult classes in my major, and working 20 hours a week, I've been really stressed. I think it's taken a bit of a toll on my mental health if I'm being honest.
• You meet a lot of shitty people who are bad influences, but they are sometimes difficult to identify in the moment. Just watch what you're getting yourself into, I almost got sucked into some hard drugs freshman year.
• You learn from your mistakes, this is good, but it implies that you suffer the consequences of your mistakes. Most mistakes you make will not be that big of a deal, but think ahead because this is one of the first times in your life where you can fuck up bad and your parents won't be around to save your ass.

Pros:

• I have much more personal freedom. I feel like an adult, I'm not answering to my parents day in and day out. They are there for me, but I'm in independent person now.
• I feel like I'm being much more productive in my life. I'm happy with where I am in life, when I was 17, I was depressed and had no motivation to do anything. Part of it was that I didn't have many good friends in high school. Now I have lots of good friends and I'm living my life exactly the way I always wanted to.
• Even though your parents/family are a long way away, modern technology allows you to contact them instantly for whatever reason. It may be 500+ miles, but it feels like it's a lot less.
• Everyone in college knows you are just out of your parents house, everyone gives you shit for it, but you are expected to not exactly know what you're doing at first. College eases you into the real world, at least it isn't hitting you like a freight train.
• You'll grow a lot as a person. I feel like I've grown mentally 10x more in the last 3 years of college than I did through all of high school, and a large part of that is the fact that I'm on my own.