You can do that, too. Recent IE graduates have returned to earn graduate degrees from the department while some others have done so at other universities nationwide. If you decide to pursue advanced studies later, your company may help pay the costs. Faculty and upper-class students are always willing to help. In addition, formal tutoring services are available.
Most students do.
In fact, we want students to have professional work experience before they graduate. Engineering Career Services can help you find internships or co-op programs, which alternate work and education. You can work overseas, too. The College of Engineering already has partnerships with universities and companies in Australia, Scandinavia, Great Britain, Europe, and Asia. Almost all companies have international ties these days, so experience like this while you're in college can be very helpful when you apply for jobs.