So let’s start off with the two basic points of this:
1) School is worth going to, but not necessarily the high priced ones. There is, usually, a lot to be gained from an education that can be difficult (although definitely not impossible as we’ll see) to pick up other ways. The truism “You get out, what you put in” applies to school as much or more than any other endeavor. However, ’school’ can have many meanings.
2) Starting off your career $50,000, $75,000, or more in debt is not a good way to kick things off. It’s difficult to say any education is worth that because there are so many good options for education that AREN’T that expensive.
It’s been an interesting phenomenon at Siggraph of late that the booths for the schools (Gnomon, Academy of Art, Brooks, etc) are bigger than the booths for most of the software companies or studios. This has always struck me as a little odd, until one of the folks I work with told me what the current tuition is at the school he graduated from. It’s pretty astronomical… which I guess explains the booth sizes.