So im learning guitar, i play it for atleast an hour a day, or whenever i seriously feel inspired.
i love my guitar more than anything else i own, but i dont intend to make a career out of it.
it's just a passionate hobby of mine, and i was wondering if i should go out of my way and pay someone to teach me music theory and maybe some lessons.

are there usually classes around college campuses? would it be cheaper to look for a guitar teacher on my college campus? or should i go to a music store and find a teacher

I just learned off friends/internet. I think the lessons are pretty overpriced. Around here it was like 30 dollars for a 1 hour session.

Exactly.
I only took one lesson when i began playing guitar.
You wont need lessons. Just keep in mind, 1 finger per fret and use your pinky

im thinking to take a lesson on music theory

If you are considering to actually know something about music (and its theory), consider taking some lessons.
If you are being less serious, and just intrested in playing Guns 'n Roses riffs, then the allmighty Internet and all its unprofessional youtube-guitarists are decent enough friends for you.
Im not saying that either would be better or worse. Just consider what goals you want to achieve, and how much are you willing to work and what you have to do in order to achieve 'em.

I took lessons for five years weekly, and nowdays I play and teach for my profession. No regrets here

I wish i'd taken lessons when i first started, it would have given me a starting point in theory which i just don't have now :/

http://www.youtube.com/watch?v=OhaFINynWqY

This is my actual teacher, and he is very good. What i learn from him is reading notes?(Not sure if its the correct english word) and play fingerstyle, and i have learned so much, i am really getting better.
I also learn alot of theory behind music
But before, i had two bad teachers who didn't learn me much, and i pretty much learned what i did from the internet in that period.

I think, if you get a good teacher, you will:
1. Get better
2. Keep the will to play
3. A good friend (i know i did)

And by keeping the will to play i mean that if you feel like other things in your life overtakes the time you spend playing guitar, your teacher will get you into it again, and find song and pieces for you to play.
My teacher says that people write him everyday saying they wishes they'd never stopped their lessons because they stopped playing after a while not having a teacher.

It was just my luck that i found a teacher that was good at playing classical and spanish guitar(which i like), and also had the same temper as me, and is really cool all around

Yes and it was worth it.

Had less than a year of lessons, but it gave me the essentials.

Chords - finger dexterity - pick technique, done.

Once you've got the essentials in place - a teacher is no longer necessary as you can learn yourself.

If you feel you need the direction, then go for a teacher.

There are NO bad things that can come from paying for lessons from a respectable tutor.

Ive been playing for about 3-4 Years now, i had 2-3 months of guitar lessons once a week, first of all they are overpriced and i could have bought me a brand new guitar for the amount of money i put into the lessons. I have learned more off the interenet/tabs/friends/jam sessions/solo play than i will ever learn in lessons. The only perk about lessons will be they can prolly teach you to read music... i still dont know how to read it but i really dont need it i have just as much fun without knowing how to and can play with my friends that know how to.. its all opinionated and your better off sitting with your guitar for 2 hours at home than 1 hour at guitar lessons any day.

I'm taking lessons for about 10 years now and I've got to say that it wasn't really worth it in the beginning due to my very young age (about 10 years old). With time I developed much more joy in playing the guitar which resulted in more practicing at home which of course is essential. Now, due to the fact I'm moving, I'll switch my teacher. Fortunately, my current teacher will lives in the same city in which I'm moving now so he knows the good guys there, hence he can help me find a good new teacher. It's important learning from many different people, not only from one single person, if you reached a certain skill at playing.
I'm kinda sad I've never been so much interested in all the theory, I'm still missing a lot there. Hope I can fix that now with a new teacher and the will to learn it finally