I turned 23, am failing community college but I want to go to Illinois Institute of Technology. What do I do?

This is a prestigious school I learned about recently and I would like to transfer to a private institution, yet I am failing community college that i go to with the help of my financial aid for my income level. I also did not do well in high school, and I am like 5 years late. I know I have the brains to pull it off because I want to become a chemical engineer and have very high levels of reading and writing and comprehension and critical thinking skills. But I'm lazy and don't read and mismanage any study time. I know my bad habits are a big problem but at this point, should I really even try to consider this academically challenging college? Should I even continue on my degree plan or should I just go to something easy that I can pull off without much of a struggle, while I still have financial aid. I know I can do it if I push myself, but are my goals unrealistic since I'm 23 now? lets say i p and do good. could i still have a chance to attend a private school with my troublesome beginning and my age?