Most Helpful Girl
My sister is going through a similar situation. She felt she wasn't ready for college right after graduating high school and took some time to find herself. Well, it's been 4 years and she has yet to find herself. She just enrolled into college while her friends just graduated from college. You can imagine how she feels.
Yes, you should be honest. The right girl will be understanding and supportive. There's no need to feel embarrassed or like you're a loser. Don't think of it as wasting 4 years of your life, but gaining 4 years of life experience. Good for you for going back to school. It's never too late to start over.
Stay motivated and good luck in all your future endeavors!