The question of whether it’s wise to spend all that time and money on film school could be answered by a simple question: What’s your strategy? If your strategy is to build yourself up from nothing, make small, no-budget shorts that lead up to your first feature and then go from there. Then the answer is no, you don’t really need film school.
The money you'll spend on film school could be used to make a feature film.
However, if you're looking to be hired in the industry, i.e., work in television, or as a cinematographer, makeup artist, or gaffer, and you have the money to spare – sure, go for it.
Just to put it in perspective, a 2007 study found film school to be around $35,000 a year for top tier schools, $6,500 for in-state, and $16,500 for out-of-state students who are going to a state college.
Film school is an excellent place to meet people and make connections. In fact, I think that is one of its biggest benefits. At the end of the day, the only way to learn how to make a movie is by making a movie. Theoretical knowledge is great, but it’s not going to turn you into a filmmaker. If you want to be a filmmaker you’ll need to make some films. It’s as simple as that.